2024-12-31-accounts

Annual Report 2024 CHILDREN'S INVESTMENT FUND FOUNDATION

Contents

Founder’s Message	2
CEO’s Message	4
Trustees' Report	6
2024 by the numbers	6
Highlights of 2024	8
Overview of our actvites	10
Strategic Report	28
Introducton	29
People and Culture at CIFF	30
Secton 172 (1)	31
Reducing the Climate Impact of our Operatons	32
Financial Review	36
Investment Review	38
Risk Management and Key Policies	39
Structure and Governance	42
Remuneraton Report and Other Governance	44
Trustees Responsibilites and Financial Statements	45
Independent Auditor’s Report to the Members	46
Consolidated Statement of Financial Actvites	50
Consolidated and Foundaton Balance Sheets	52
Consolidated Cash Flow Statement	53
Notes to the Consolidated Financial Statements	54
Group Informaton	90

THE CHILDREN’S INVESTMENT FUND FOUNDATION (CIFF UK) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Children’s Investment Fund Foundation (UK) (CIFF) Company number: 4370006 | Charity number: 1091043

Website: ciff.org | Email: [e-mail]

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Founder’s Message

"In a world where wealth and influence can shape outcomes, those with significant resources must consider how to use philanthropy to drive meaningful and lasting change."

Sir Christopher Hohn

Founder and Chair 22[nd] May 2025

When I was 20 years old, I met children living in extreme poverty for the first time. Like all children, they were precious – but the circumstances around them, the system they had been born into, had taken opportunities away from them.

At that moment, I made a commitment: if I ever had the resources, I would work to address the barriers that prevent children from living healthy, happy lives. This commitment has driven every aspect of my career.

The current global context, with delivery and funding gaps persisting across all areas of international development, means it is more challenging than ever to reach our collective 2030 goals. Philanthropy is not a silver bullet and cannot fix all the world’s problems; however, in a world where wealth and influence can shape outcomes, those with significant resources must rise to the occasion and use philanthropy to drive meaningful and lasting change. Reflecting on 2024, there are clear examples from our work that illustrate how philanthropy can be most effective…

1. Seeing every person holistically means taking a system-wide approach to improving children's lives.

When speaking to the young people we serve, I am always reminded of the complexity of every issue we work on. Nobody experiences health, nutrition, education, safety, the environment or any other aspect of their life in isolation.

School meals are a great example of this. If children are provided with nutritious school meals, they will be more likely to stay in school, they’ll be healthier and able to learn more – it creates an amazing virtuous circle which impacts every aspect of their lives. But this works best if we can catalyse the system to make school meals the norm. That’s why in 2024 CIFF announced a $100 million partnership with the African Development Bank Group, to unlock sustainable financing for school feeding across Africa alongside governments. (Read more on page 19).

The public procurement this provides has the potential to also strengthen agricultural supply chains and thereby improve livelihoods. This is why CIFF's focus on climate is so important. Agriculture is particularly vulnerable to climate change but our current food and land use system is one of the largest contributors to global emissions and biodiversity loss. To address this, CIFF has been investing in sustainable agriculture and sustainable land use across the world. We are seeing progress, for example Brazil is once again using data and alert systems to control deforestation and is now on track for net zero deforestation by 2030 with a 7% drop in 2024 alone. (Read more about this on page 12).

2. When a solution works, philanthropies must work in partnership with governments to scale it

Progress happens at scale and lasts longer when it is led by accountable governments and driven by the priorities of the people of that country.

During my recent visit to India, I was struck by the Government's adoption of innovations, driven by supportive policies. CIFF

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in India has been working with government and partner organisations to pilot and scale innovative programmes that drive tangible, life-changing outcomes. For example, in Rajasthan, we supported the State Government in bringing advanced digital health diagnostics to remote villages, significantly expanding maternal and child healthcare access. We also collaborated with the Skills Ministry on the Skill Impact Bond which leverages an outcomes-based financing model to ensure that their skilling programme translates into employment for women. The visit left me deeply optimistic about our efforts in India and strengthened my resolve to double down on these successful initiatives with proven results in partnership with government, working to local development priorities. (Read more about CIFF’s work in India on page 22).

3. We can’t achieve any of our goals alone; we have to achieve them in partnership

Everything we do at CIFF, we do in partnership with others. “Our” impact is only the collective impact of the governments, the communities and the organisations we work with. The Child Nutrition Fund, a UNICEF-led catalytic financing mechanism is a successful example of multiple partners coming together. Similarly, last year I was proud to announce a $100 million commitment in new funding to the WISH dividend Platform which will support countries to reach or surpass their national Family Planning 2030 targets. Working in partnership with the FCDO, this will enable over 7.7 million women and girls to access their family planning method of choice.

Partnership is critical in absolutely everything we do - whether it’s our collaboration with Climate Lead to inspire other philanthropic leaders to take climate action around the world or our renewed commitment to the European Climate Foundation – which has enabled deep collaboration across governments, civil society and the public at large.

For every challenge we face, there is an opportunity to build a better world for children. But we cannot be complacent - we must act with urgency to ensure that every moment, every dollar and every human being matters. That's why in 2024, I personally committed to donate an additional $328 million in funding to CIFF, for specific programmes. As CIFF continues to scale its level of philanthropic giving, finding opportunities to improve the lives of children continues to be the guiding rationale behind all our work.

I would like to thank CIFF’s Board of Trustees and all CIFF staff and partners for their work delivering our shared vision for a safe, healthy and fair world, as we move forward in this challenging time.

Sir Christopher Hohn Founder and Chair 22[nd] May 2025

"That's why in 2024, I personally committed to donate an additional 328 million in additional funding to CIFF, for specific programmes."

Sir Christopher Hohn

Photo credit: CIFF Team

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CEO’s Message

"We recognise the enormity of the issues we are trying to solve and are willing to work with new partners and build coalitions from around the world to drive us towards key development milestones."

Kate Hampton

CEO 22[nd] May 2025

At CIFF, we strive to ensure that all children, especially the most marginalised, have the opportunity to lead healthy, happy lives. To make this a reality on a global scale, we focus on some of the world’s most pressing challenges—climate change, girls’ education and choice, and strengthening nutrition and healthcare systems. In practice, this means working closely with governments, implementing partners and other philanthropies, to take proven solutions and bring them to scale across countries, regions and globally.

Our work exists within a profoundly complicated, and worsening, global context. But that is not reason to despair, and saying something is difficult has never been a strategy. Instead we must look for and capitalise on areas of opportunity. Where we see climate change denialism, we must continue to demonstrate that the green transition is not only compatible with economic growth, but can accelerate it. Where women and girls face greater restrictions on their life opportunities and ability to choose, we must expand access to core lifelines like education, skilling and reproductive health. Where nutrition and basic healthcare is still inequitably distributed around the world, we must scale cost-effective innovations whilst championing government ownership. Across these opportunities, there is a need for us to be entirely clear on our role as a philanthropic foundation; to help build bridges so that we can work faster, smarter, and collectively to advance global climate and development goals.

In recognition of the external context, we have worked to adapt our approach, maintaining a laser focus on our charitable objectives and prioritising long-term grants which have a clear path to sustainability. All our work is structured around specific missions, which are outcomes we are working towards in the real world - whether that's ending seven specific Neglected Tropical Diseases in Africa, or ensuring that children are born healthy in India.

In this context, I am proud that we have continued to show the power of collaboration at global and local levels. Here are just a few examples:

1. Keeping children safe is central to everything we do, yet 99% of the world’s population breathe harmful air. Burning fossil

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fuels has a disastrous effect on child health, whilst also driving the climate crisis. In 2024, we saw strong European leadership on clean air with the EU's adoption of one of the world's most progressive air quality frameworks. CIFF's partner, the Clean Air Fund, has been working collaboratively in Europe for many years to help support evidence based policy on clean air - and this policy uptake is testament of their impact. The new Ambient Air Quality Directive could prevent hundreds of thousands of premature deaths and set a precedent for action globally.

1. We continued to support the development of sexual health innovations which are shaping the way in which HIV self-testing and prevention can be offered to users around the world, offering options which will protect millions – particularly in middle and lower-income countries.

2. In 2024 our strong partnership work to help end Neglected Tropical Diseases (NTDs) gained momentum as more countries formally announced eliminations of diseases - 54 countries had eliminated at least one NTD by the end of 2024. Furthermore, funding mechanisms such as the Child Nutrition Fund were strengthened to tackle malnutrition at a global scale.

3. A major highlight for me was attending the first ever Ending Violence Against Children Ministerial in Bogota, Colombia – where CIFF supported an array of partners, from survivors, to NGOs, and government ministers. At the Ministerial over 100 governments pledged commitments, and CIFF committed $125 million to advance evidence-based, scalable, and locallyled solutions to address violence against children – particularly in support of government efforts to end child marriage in India and across Africa.

To complement our scaled ambition, we are scaling up our funding. As recognition of the urgency of the challenges we face, and the opportunity CIFF has to accelerate global progress, in 2024, we received a generous donation from Sir Chris Hohn to scale our philanthropic giving. Sir Chris is contributing an additional $328 million, outside of CIFF's endowment, for specific programmes. Combined with CIFF's planned charitable commitments, this brings our total commitments in 2024 to $923 million. This significant increase brings our total active commitments plus multi-year grant portfolio to $3.1 billion.

capabilities and grantmaking, and moving forward we will be doing more to ensure that the global finance system is fit for purpose.

2024 was a transformative year for CIFF as an organisation and I was consistently reminded that the strength of our work comes not just from our resources, but also from our people. I am incredibly proud of all the hard work CIFF colleagues and partners put in to make 2024 a year of progress amidst uncertainty and change. It has been their unwavering commitment and entrepreneurial spirit that has driven our success.

So, I hope you find in this report that there is progress to celebrate, and abundant evidence that the challenges we face can be overcome. And as we look ahead to 2025, I think there is reason to be excited for the work ahead. Now more than ever philanthropy has a duty to pool resources, convene partners and accelerate system change for a better future for all. CIFF is ready to play its part.

Kate Hampton, CEO 22[nd] May 2025

"This brings our total commitments in 2024 to $923 million, enabling CIFF to double down on programmes which incentivise domestic government partnership."

Kate Hampton

In the context of rollbacks on government development budgets and a broader retreat from global solidarity, we are proud of the bold commitment from Sir Chris and his continued care and dedication in this work. This scaling up of CIFF's work is testament to Sir Chris', and the entire foundation's, belief that progress is possible.

Although this is a considerable increase in our charitable spend, we should be under no illusions that philanthropy can solve the financing crisis on its own. As many nations grapple with limited fiscal space – the product of punitive cost of capital and a persistent debt crisis – collectively we are falling far short in ensuring adequate financing for countries’ climate and development priorities. Supporting domestic resource mobilisation and systems strengthening, unlocking private capital mobilisation, and reforming multilateral financial systems are crucial steps to addressing this problem. I am pleased that CIFF continues to build its own climate and development finance

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2024 by the numbers 2024 Disbursements by Programmatic Area Charitable Grant Investments Approved Disbursements To accelerate progress towards globally agreed targets, CIFF's Climate Cross-cutting approved charitable investments Along with increased US$260 million US$93 million in 2024 were $923 million, approved charitable $595 million of which came from CIFF's endowment and investments, CIFF increased its grant disbursements 2024 Total $923m $328 million from generous $631m with $631 million in 2024, US$631 million donations from Sir Chris Hohn an increase of $53 million for specific programmes. This compared to 2023. is a large increase compared to previous years and means Health and Nutrition we expect disbursements to increase in the future. US$132 million ee ~~O~~ SRHR and Girl Capital Active Portfolio Endowment US$146 million Investment returns and income from our endowment assets CIFF's investments often were positive in 2024 and after span across multiple years. As of the end of 2024 the charitable expenditure the total funds committed to closing endowment value for 2024 increased to $6.1bn. The projects, combined with the $3.1bn $6.1bn strong investment returns funds already spent on live continue to give us the financial projects, amounted to an strength and stability to active charitable portfolio of $3.1 billion. make substantial long-term Grant Disbursements over the past 5 years commitments to the work of oe O© }}}— our grantees. 700 US$631 million 600 US$578 million Total Charitable Investments Approved 2024 US$923 million US$530 million 500 US$468 million US$577 million 400 Total Charitable Investments Approved 2023 US$344 million 300 200 Total Disbursed 2024 US$631 million 100 0 US$578 million* 2020 2021 2022 2023 2024 Total Disbursed 2023 US$ million

• Restated to incorporate Sir Chris's restricted funding.

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Impact Highlights in 2024

At the heart of our work is the aim to create tangible impact in the real world. improving children's lives today and for generations to come. What impact looks like varies across each area of our work: some are outcomes which we have helped catalyse through funding of specific programmes, but increasingly these are large scale outcomes which we have been part of ecosystem of partners helping to accelerate.

Scaling Initiatives through Partnership in 2024

To reach large-scale, real-world outcomes, CIFF relies on strong partnerships with a range of organisations. In 2024 we celebrated a wide variety of new partnership announcements, bringing together financing, resources, and focus to the world’s most pressing needs.

We look forward to witnessing the progress reaped by these initiatives in years to come, to help further meet our collective long-term goals.

Supporting Europe’s Decarbonisation

Enabled by years of government leadership and supported by work from CIFF partners and many more stakeholders, major decarbonisation progress was witnessed in Europe in 2024. The EU and UK reduced emissions by 40% and 50% below 1990 levels respectively—partly driven by a record 60GW of renewable deployment and the UK’s phase-out of coal power, marked by the closure of its last coal power station. This progress has been enabled by high-quality policy, regulation, and economic incentives whose design is supported by CIFF’s community of partners.

Supporting prevention and treatment of malnutrition through catalytic mechanisms

CIFF, along with its funding partners, has continued to support UNICEF’s Child Nutrition Fund, a unique match funding model aiming to grow sustainable nutrition financing. By end of 2024, CNF had enabled procurement of $55 million worth of commodities through matching domestic resources, including for life-saving treatment of children suffering from severe acute malnutrition in over 15 countries in Africa and Asia. The Fund is also supporting multi-year prevention and treatment programmes on maternal and child nutrition through a blend of domestic, concessional and donor financing.

Preventing HIV

In 2024, CIFF and the Global Fund's catalytic HIV Prevention Fund helped over 500,000 at-risk people access HIV pre-exposure prophylaxis (PrEP), thanks to the implementing partners. This included access to the first long-acting injectable PrEP product allowing those who are most vulnerable to have autonomy over their health.

Helping to Reduce Low-Birth Weight Cases

'Rajpusht,' a cash transfer programme led by the Rajasthan Government with support from CIFF is transforming maternal health and childbirth outcomes. Since 2021, cash transfers have benefitted over 3 million women in Rajasthan. A 2024 evaluation of the impact of these transfers in five of the state's most vulnerable districts showed a significant 21% reduction in cases of low-birth weight.

In 2024 the Global Methane Hub – backed by CIFF and a coalition of philanthropic partners – secured major development finance partnerships and funding commitments which should triple multilateral development bank financing for methane mitigation. Additionally, the Global Methane Hub announced over $300 million in new philanthropic funding for methane reduction projects worldwide, to reduce global methane emissions 35% by 2030 and 50% by 2050. (Read more on page 12)

A new coordinated partnership was announced between CIFF, the Gates Foundation, The Global Fund and the United States

President’s Emergency Plan for Aids Relief , to accelerate access to game-changing long-acting injectable HIV prevention. This effort will rapidly provide affordable and equitable access to lenacapavir for HIV preexposure prophylaxis to significantly reduce Global HIV infections. (Read more about this on page 13)

In June, CIFF partnered with UNICEF’s UK Soccer Aid campaign to match the public’s donations whilst raising the visibility of the issue of malnutrition to the wider public. The $10 million of funds raised through this partnership were programmed towards a new Child Nutrition Fund programme to help provide nutrients to pregnant women. (Read more about this on page 15)

In September 2024, CIFF renewed its partnership with the Rajasthan Government for another five years. At the MoU signing, Sir Chris Hohn reaffirmed CIFF's commitment to ensuring a healthy and inclusive environment for the state's children. Our partnership with Rajasthan since 2015 has delivered significant impact: 3 million pregnant women have benefited from enhanced nutritional support, while 5.5 million women accessed safe childbirth services. Additionally, 1 million girls gained

improved access to education and livelihood opportunities. Many successful programmes that began in Rajasthan have now been scaled across India. (Read more about this on page 23)

Committing $125 Million to Ending Violence Against Children CIFF

Providing nutritious school meals in Africa

CIFF's partner, Food4Education (F4E), has demonstrated the impact of school feeding programmes and been scaling its impact. By the end of 2024, the organisation had served almost 80 million nutritious meals to children in schools, improving their educational and nutrition outcomes. Currently, F4E feeds 468,000 children daily, aiming for 1 million children every day by 2030. To expand the model further, last year CIFF launched the Ending School Age Hunger Fund, with the African Development Bank.

took part in the first ever Ministerial on Ending Violence Against Children in November 2024. During this historic summit, 100 Governments pledged commitments to address violence against children and CIFF committed 125 million to advance evidence-based, scalable and locally led solutions to aide in addressing the issue, contributing to our work on child marriage. (Read more about this on page 17)

In 2024, CIFF was part of a collaborative which helped establish the Beginnings Fund, an initiative which is working with African

governments to strengthen maternal and newborn healthcare, aiming to

prevent over 300,000 avoidable deaths by 2030. The Beginnings Fund officially launched in 2025, with the support of ELMA Philanthropies, the Gates Foundation, Delta Philanthropies and the Mohammed Bin Zayed Foundation for Humanity.

(read more about this on page 20)

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Overview of our work in 2024 PaÉe 10

Global: Climate

In 2024, we witnessed the devastating and increasing effects of climate change. From record-breaking temperatures to extreme weather events, the impacts of human-caused global warming are undeniable. As an organisation focused on improving the lives of children, the climate crisis is making every aspect of our work harder: from strengthening healthcare systems to girls’ education to child nutrition. However, in the face of crises we have seen bold steps forward to reduce emissions and create a more livable planet for all.

The work we do to mitigate climate change is urgent – every fraction of a degree matters. Meaningful progress requires both immediate action and long term vision, guided by the globally agreed climate targets but led by government priorities and initiatives. By making systemic interventions, we can unlock change at every level while stimulating economic growth and creating opportunities that allow for a prosperous and secure future for us all. In practice, this means working more deliberately with our ecosystem of global, regional, national and sub-national partners. By bringing together crosssectoral expertise as well as diverse voices we can co-create and accelerate climate solutions.

This section outlines the impact of our global climate work. For more detail on work in specific regions see the following sections: Africa (page 21), India (page 23), East and South-East Asia (page 24) and Europe (page 26). Our regional pages

highlight remarkable shifts in the energy transition away from fossil fuels and towards renewables, as well as on the use of data, financial regulation, and industrial policy to drive decarbonisation across the economy while generating jobs and growth. Through strong government leadership and robust policymaking, Europe has reduced emissions by 40% since 1990, while growing its economy by 68% during the same period, demonstrating that decoupling is possible. However, and regardless of progress in one region, the climate crisis needs to be addressed at a global level to be effective; this is why CIFF focuses as much on building solidarity, global cooperation and building bridges across our portfolio.

Partnerships and Philanthropic Leadership

The Clean Air Fund has been helping to drive innovative financial mechanisms to unlock new funding for clean air projects. In 2024, the World Bank’s Multilateral Investment Guarantee Agency pledged $1 billion in financial guarantees to de-risk investments in air quality initiatives across the Global South. Additionally, in 2024 the Global Methane Hub expanded its impact by tripling multilateral development bank funding for methane mitigation and securing over $300 million in new philanthropic support. Key initiatives include partnerships with IFAD, IDB, and the World Bank to drive methane reduction globally.

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"Our model is simple, but it works: fund grantees across the globe to increase their realworld impact. We’re in a sprint to lower methane emissions and we are proud to serve as a convener between governments, philanthropies, and industry leaders in the fight to reduce harmful emissions."

Marcelo Mena, CEO, Global Methane Hub

CIFF remains committed to strengthening climate philanthropy, investing in fundraising support infrastructure like Climate Lead, which has now catalyzed more than $5 billion of philanthropic dollars into high-impact climate solutions. In addition to Climate Lead, our partners Active Philanthropy and Impatience Earth have been working at local and regional levels to increase both the quantity and quality of new funding into climate mitigation.

Throughout 2024, we also harnessed the power of convening, bringing together a diverse range of partners across key thematic areas to build community, align on strategy, and drive collective action. By fostering collaboration, sharing insights, and amplifying innovation, we are strengthening the sector’s ability to drive lasting impact. This was particularly true at and around major moments, including COP29. Here we supported the Children and Youth pavilion for the third year in a row, alongside the establishment of the PYCC Support Team at UNFCCC secretariat to enhance and encourage the inclusive engagement of children and young people in climate decision-making and international policy processes.

Private Finance and Data

For private finance, transparency is a crucial lever for driving accountability and strengthening corporate responsibility. It helps ensure decisions are data-led and encourages more

ambitious action in line with the Sustainable Development Goals and the Paris Agreement. In 2024, CIFF’s partner, Climate Arc, launched Transition Arc, a one-stop tool to assess corporate climate transitions. In its first year, the tool graded over 500 companies, and has over 1,300 users, including 270 financial institutions. Arc’s collaboration with the wider CIFF ecosystem of partners is now focusing on sectoral policy design which will be critical to unlock transition finance where it’s needed most.

Data is also a powerful tool in helping to drive down greenhouse emissions. By mapping emissions globally using satellite technology, we can drive timely action. In 2024, CIFF supported the launch of two groundbreaking new satellites to do exactly this. MethaneSAT and Carbon Mapper are tracking emissions around the world and the resulting data will be used to drive mitigation and inform decision makers. An early success came when Carbon Mapper detected a major methane leak in Texas' Permian Basin, prompting swift repairs from the operator. Each hour it was emitting the equivalent of 47 conventional cars for a year.

Another example of effective data can be seen in Brazil, where significant strides have been made towards environmental protection, by strengthening data to accelerate speed of reform where government policy is already strong. In 2024, deforestation in the Amazon fell by 7% from 2023 levels, marking a 65% drop since the new administration took office. The progress in Brazil is a result of strong political leadership and long term commitments from civil society. This includes partner organisations such as iCS who provide data that enables enforcement and advocacy for conservation policies. As a result of these combined efforts, Brazil is now on track for net zero deforestation in the Amazon by 2030.

Furthermore, effective collaboration between civil society organisations and strong government leadership can be seen in Mexico where in late 2024 ICM shared with the new administration its detailed analysis of a feasible Net Zero Pathway for Mexico. This analysis supported the Government in announcing at COP29 in Baku a 2050 net zero target. The Environment Ministry and ICM agreed to sign a memorandum of understanding to set the basis for ICM to help the Government prepare a new 2035 mitigation goal as part of a new NDC that will be submitted by COP30 in Belem.

Photo credit: slowstep

Global: Sexual & Reproductive Health & Rights (SRHR)

When we invest in giving women the right to choose their futures, everyone benefits. The progress made on sexual and reproductive health (SRH) access over the past three decades is astounding – the unintended pregnancy rate has fallen by nearly 20% since 1990 and new HIV infections by one-third in the last 15 years. It would have been easy to believe that the trajectory was only towards progress, but sadly this is not the case.

We also joined forces with the Gates Foundation, PEPFAR, and the Global Fund, to accelerate access to long-acting injectable lenacapavir (LEN). This partnership will cover at least 2 million users with this game-changing prevention option that provides nearly complete HIV protection for 6 months after just one injection. We look forward to continuing working to support the development of affordable generic LEN to scale to millions of users in lower-middle-income countries.

The vision for every person to have autonomy, dignity and access to SRH is not only far from being realised but the world is sliding backwards. Dramatic political, socio-cultural and economic barriers persist across the world, impacting the health and potential of individuals, as well as communities and countries as a whole. The significant uncertainty regarding the future of vital institutions such as PEPFAR means that millions of lives are at risk.

It is possible to change this trajectory, but it will require deep commitment from all partners, across civil society, governments and the private sector. At CIFF, we are keeping our focus on three primary missions: breaking the cycle of HIV transmission, scaling SRHR innovations, and building family planning access and financing. Our work in 2024 shows how we’ve been seeking innovative funding partnerships to scale vital work on SRHR and give more individuals bodily autonomy.

Breaking the cycle of HIV transmission

"At the Global Fund, we are incredibly excited by the promise of lenacapavir and its potential to help us achieve a further significant reduction in new infections among individuals at high risk of acquiring HIV…As part of this coordinated effort, the Global Fund, PEPFAR, CIFF, and BMGF will work with Gilead and the voluntary licensing manufacturers to accelerate affordable and equitable access, so that more people can benefit from this powerful innovation from day one."

Peter Sands, Executive Director of the Global Fund.

Our work on HIV is a prime example of innovative funding and strategic partnerships and has helped reach hundreds of thousands of at-risk individuals with life-saving interventions.

Building on the success of CIFF’s HIV self-testing matching fund, CIFF’s $25 million catalytic HIV Prevention Fund, administered through the Global Fund, reached over 500,000 at-risk people with HIV pre-exposure prophylaxis in 2024. This included access to the first long-acting injectable product. CIFF also launched a new initiative with the Global Fund for the purchase of approximately 150,000 dapivirine vaginal rings, a long-acting PrEP option for high-vulnerability women.

As we look to the future of this work, we recognise the rapidly changing funding environment and the impact this will have on those who need this healthcare most. Alongside partners, we have the tools, approaches and platforms to change the course of HIV treatment to millions around the world. The priority for us now is resourcing. Our focus will be to mobilise the funding needed to help HIV prevention and treatment reach as many people as possible.

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Scaling SRHR innovations

We believe in scaling SRHR innovations because doing so gives individuals greater choice and empowers them to make informed decisions about their bodies and lives. We do this by supporting the market to make products cost-effective, so they can then reach more people and increase the available options. A key example of this in 2024 was CIFF and the Gates Foundations’ partnership with Incepta Pharmaceuticals. Through philanthropic support, Incepta has developed the first generic self-injectable contraceptive (DMPA-SC). We expect WHO pre-qualification in late 2025. This innovation will significantly improve the security of the supply-chain and affordability for this key family planning method – helping more women access their healthcare of choice.

In 2024, CIFF also re-invested in scaling our Delivering Innovation in Self Care (DISC) partnership, implemented primarily by PSI. This initiative is helping to scale up self-care options and better integrate these options into health systems. We expect CIFF’s new investment in DISC to help 4.6 million users access self-care options by 2027 and reach over 36 million individuals by 2030. Another route to scale SRHR innovations has been through the Injectables Access Collaborative. This has helped unlock self-care by enabling Community Health Workers and pharmacies to provide access in 15 and 9 countries respectively.

We have also worked to catalyse policy change which makes uptake of SRHR innovation smoother. Our partnership with the WHO and the Self-Care Trailblazers Group has played a crucial role in driving momentum. In November 2024, government representatives from 19 African countries held a historic summit to advance self-care intervention in the continent and work toward achieving universal health coverage by integrating selfcare into primary healthcare. Since the launch of the first global WHO SRHR self-care guideline in 2019, which CIFF supported, over 50 WHO member states have adopted it into their national health system.

Building Sustainable family planning access and financing

A growing challenge to reaching universal sexual reproductive health and rights is ensuring sustainable financing and closing the $1.5 billion commodity financing gap. CIFF has therefore been working to shift the focus to longer-term sustainable financing which gets out of the cycle of funding-short falls.

This past year, CIFF committed a $100 million investment into commodities with the World Bank Global Financing Facility (GFF) and United Nations Population Fund (UNFPA) Supplies. Whilst significant gaps remain, in 2024, UNFPA Supplies achieved its highest-ever contraceptive spend at $185 million. The impact can be seen with larger orders being placed by the public sector. Importantly, domestic financing has increased consistently and reached its highest levels ever, increasing by 400% from 2020.

A success story in efforts towards sustainable financing is the leadership of Nigeria. In September 2024, the World Bank Board approved a funding package to support Nigeria’s Primary Healthcare Programme. Support by CIFF and partners ensured that additional funding would become available for family planning supplies and services.

CIFF also remains committed to increasing modern contraceptive prevalence through an equity-driven approach across Nigeria, DRC, Burkina Faso, Senegal, Mali and Niger. During UNGA this past year, CIFF committed $100 million in new funding to the WISH dividend Platform which will support countries to reach or surpass their national Family Planning 2030 targets. Working in partnership with the FCDO, this will enable over 7.7 million women and girls to access their Family Planning method of choice. The work will focus on reaching the hardest to reach: 30% of those living in poverty and 20-30% under the age of 20. There will also be a focus on supporting linkages with sexual-genderbased-violence services.

Together, these efforts underscore our commitment to ensuring that every individual has access to reproductive health services, to unlock individual and global potential, propelling us collectively towards meeting the Sustainable Development Goals.

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Global: Nutrition

Children don’t experience hunger in isolation, it impacts every other aspect of their life. When a child has the right nutrition, the positive impacts have rippling effects across their health, education, social and economic outcomes. As we enter 2025, nearly half of all deaths of children under the age of five are linked to undernutrition, with the majority occurring in lowerand middle-income countries. This issue is further perpetuated and intensified by economic insecurity and climate change.

government and FCDO resources, were programmed towards a new Child Nutrition Fund programme in Bangladesh that will ensure 60% of all pregnant women in the country have access to Multiple Micronutrient Supplements (MMS), nutrition education and counselling.

The vision of eliminating child malnutrition is within the grasp of governments, institutions and civil society. The question should not be if, but when. We are seeing progress every year: from revolutionising the ways in which we finance nutrition, to scaling evidence-led initiatives and integrating other health and services with nutrition. By accelerating these efforts and deepening our local and global partnerships, we can achieve faster results to bring an end to child malnutrition sooner.

Financing Nutrition

CIFF’s work on the Child Nutrition Fund (CNF), a UNICEF-led financing mechanism which spurs multi-sectoral action and encourages governments to invest in nutrition, continued in 2024. In 2024, the CNF continued to incentivise domestic investments in tackling malnutrition, taking the total matched to date to $27.5 million. This matching mechanism has resulted in double the amount of nutrition commodities countries were able to buy, to the value of $55 million. The majority of this funding has gone towards providing life-saving treatment with Ready to Use Therapeutic Food (RUTF) to children suffering from severe acute malnutrition in over 15 African and Asian countries. For the first time, in 2024 countries also started to use the CNF match mechanism for the purchasing of Small Quantity Lipid Based Nutrient Supplements, used for the prevention of child wasting.

In continuation of our partnership with CNF, in June we partnered with UNICEF’s UK Soccer Aid campaign to match the public’s donations whilst raising the visibility of the issue of malnutrition to the wider public. The funds raised through this partnership ($10 million), alongside co-funding from domestic

"CIFF’s partnership with the Child Nutrition Fund is transforming the way we tackle undernutrition. Their support has helped to increase the number of countries we can reach by mobilizing critical financing to strengthen national nutrition programmes and provide lifesaving RUTF to nearly one million children. Together, we are driving lasting solutions to ensure that every child and woman has access to the nutrition they

need to thrive." Saul Ignacio Guerrero Oteyza, Senior Advisor, Financing for Child Nutrition and Development, UNICEF

Donor coordination and resource mobilisation

Investing in evidence-based solutions and supporting innovation, is the best route towards ensuring women and girls have the agency to make their nutritional choices. MMS, a formulation of vitamins and minerals to support a healthy pregnancy, is an important product for both maternal and newborn health when offered as part of key antenatal services. CIFF's work in Bangladesh is an example of where a self-pay model for MMS for pregnant woman has been extremely effective, in the context of a largely private healthcare system. The past year, over 10% of all pregnant women in the country purchased

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locally produced MMS thought this model (over 700,000 women in total-to-date since the product was launched in 2021). In addition to the Child Nutrition Fund approved public sector programming in Bangladesh, CIFF approved new funding to expand the self-pay model to compliment it. As we look to the future, these efforts will be synergistic to drive high coverage of MMS in the country.

In May, CIFF launched, in partnership with the Gates Foundation, the Eleanor Crook Foundation and Kirk Humanitarian, a global investment roadmap to catalyse action and investment in MMS for pregnant women. The roadmap presents a plan to reach at least 260 million women in 45 high-burden countries with MMS at a cost of $1.1 billion over 7 years, showing the power of innovative products being able to reach scale whilst being costeffective.

Integrating other key services alongside Nutrition

Synergies with broader health and development approaches and services enables us to work at scale, making it both cost effective for donors and time-efficient for beneficiaries. In 2024, CIFF’s partner, the Africa Leaders Malaria Alliance, significantly expanded its work in institutionalising accountability and tracking scorecards for reproductive, maternal, newborn, child and adolescent health, nutrition and quality of care at the community health level across 14 countries in Africa. These countries cumulatively invested over $78 million in 2024 in response to the recommended actions from these scorecards to improve health and nutrition service delivery and outcomes.

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Global: Cross-Cutting

If we want to improve the lives of children in today’s interconnected world, the challenges we face cannot be tackled in siloes. No single organisation or individual, regardless of resources, can create lasting change alone - we need to work collectively across different issues and geographies to achieve systemic change.

Cross-cutting work at CIFF refers to our grant-making that does not fall into a specific sectoral area but enables all our grant-making. It includes work that strengthens the operations and approaches of our grantees, as well as connects the dots between different areas of our portfolio and supports our partners to do the same. In 2024, CIFF strengthened our commitment to cross-cutting work through the Organisation and Ecosystem Development team and the Equity, Gender, and Youth team. Working as a centre of excellence, this group of experts provides strategic guidance and support to CIFF staff and our partners. A key part of our cross-cutting work also involves our development finance portfolio – working to strengthen, enhance and better use global financing mechanisms to support our collective development goals.

Ecosystem capacity building

Across the year CIFF invested in 12 organisational development projects which strengthened the institutional capacity of key grantees in India, Africa and Europe. Through these different projects, we supported leadership development, governance restructuring, strategy creation, organisation model design, operational and programme effectiveness, and sustainability. We also delivered a capacity building programme on measurement and evidence, which encouraged partnerships and knowledge sharing across the cohort.

Also in 2024, CIFF launched its first-ever Diversity, Equity and Inclusion (DEI) learning and development programme for implementing partners. The outcomes included enhanced understanding and leadership amongst partners’ Executive Teams, the design of DEI commitments and action plans, and streamlining of organisational policies and processes to embed equity. It provided grantees with a platform for lateral connections and peer learning, fostering the development of a community of practice, which we plan to replicate across other regions and sectors.

Ecosystem development strategies and toolkits

Youth engagement

In 2024, CIFF launched an organisation-wide ecosystem development strategy, alongside intervention frameworks and tools to map and assess the maturity of civil society ecosystems. This toolkit has been adopted across our portfolio and is helping CIFF and its partners to collaborate with a range of different stakeholders to tackle complex challenges.

The ecosystem development strategy incorporates equity as a key component, building on the success of CIFF’s Equity Toolkit. In 2024 we shared lessons from our experience of embedding the toolkit and equity approaches with peer funders and implementers at forums like the UN Commission on the Status of Women, the Skoll World Forum, and within funder communities including Elevate Children’s Funders Group, the OECD Network of Foundations, and the Gender Equity Peer Learning Group.

As an organisation that focuses on children and young people, we are committed to ensuring that young people are meaningfully engaged in issues that affect them. This is not just the right thing to do, but will ensure that the solutions we invest in meet their priorities and needs. This includes providing support for young people to participate in advocacy, policy design and accountability. Teams across CIFF came together to collaborate in the first ever Global Ministerial Conference on Ending Violence Against Children in Bogotá in November and supported meaningful youth engagement within the summit. In addition, CIFF’s partner, the Youth Climate Justice Fund, continued supporting grassroots youth-led movements to drive climate action globally. In 2024, they expanded their reach to 70+

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grantee partners across 40+ countries, helping young leaders develop climate solutions. We also conducted an organisationwide review of our meaningful adolescent and youth engagement principles and practices, culminating in the design of new guidance that we will integrate across relevant CIFF programmes and share with our sector.

Development and Climate Finance

To ensure countries facing the worst climate impacts can also achieve their development priorities, finance must be accessible, affordable, and equitable – at scale. In 2024, CIFF and partners focused on unlocking funding and driving financial system reforms to meet this need. This included support for country investment platforms (10 are now operational after CIFF’s support to the first platform – the South Africa Just Energy Transition Partnership – started in 2020) and major

development bank reforms, which will unlock $300 billion over 10 years. Of this, $50 billion is committed to the IMF Resilience and Sustainability Trust - a key Bridgetown Initiative feature - to help vulnerable nations manage external shocks and achieve sustainable growth.

To build more sustainable, inclusive, and resilient economies, policymakers need independent, evidence-led expertise which can shape policies and inform new approaches. CIFF played a targeted role in helping to establish the Centre of Economic Transition Expertise (CETEx) at the London School of Economics, a global hub of internationally recognised expertise and research on fiscal policy and regulation, to support the climate transition. In 2024, CETEx developed evidenced-based recommendations to adapt UK fiscal rules and policy bank treatment, which could unlock £100 billion of infrastructure spending over the current parliament.

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Africa

Creating a future which delivers for young people in Africa cannot and should not be delivered by philanthropies alone. We know this, and it is why every aspect of our work is focused on supporting the development priorities of the countries we work with.

It is also why throughout 2024 we intensified our efforts around creating deep and meaningful partnerships with African institutions and governments for systemic change, with a particular focus on increasing the resilience of communities and elevate opportunities for girls to achieve their full potential and contribute to a thriving selfdetermining Africa. Through these local partnerships, we can bring to scale innovative programmes and ensure each country in Africa is able to respond to opportunities and the intersecting challenges facing the continent from climate shocks to fiscal squeezes, and socio-economic inequality.

Break the intergenerational cycle of malnutrition in Africa

We recognise the malnutrition challenge as being one that has impacts beyond individual health, including having intergenerational effects on education, economic empowerment, gender inequality and poverty. By partnering across Multilateral Development Banks (MDBs), governments and implementing organisations, we worked in 2024 on our mission to break the cycle of malnutrition, focusing on ending school age hunger.

In 2024, CIFF established a $100 million Ending School Age Hunger Fund with the Africa Development Bank to build a case for, and unlock, coordinated, sustainable and stable funding for school feeding programmes across Africa. The Fund is anticipated to provide over 300 million meals to school-age children at a cost of $0.25-$0.50 per meal. This marks a significant milestone in demonstrating how the partnership between philanthropies and MDBs could unlock additional financing for nutrition in Africa. It also creates a blueprint for other philanthropies to pool their resources and expertise and work towards supporting school feeding in Africa while ensuring sustainability and government ownership.

"Children’s nutrition is one of the biggest challenges faced by the continent, and initiatives such as the Ending School Aged Hunger Fund are critical as it will help build a more prosperous future for our children, building hope and opportunities, and unlocking their potential."

Dr. Akinwumi A. Adesina, President of the African Development Bank Group

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Food4Education (F4E) is a great example of a school feeding initiative, which demonstrates the model’s impact and scaling capacity. Since our catalytic funding into F4E’s model, the organisation has scaled across Kenya with 79.9 million nutritious meals served to children in schools by the end of 2024, improving their educational and nutrition outcomes. Currently, F4E feeds 468,000 children daily, aiming for 1 million children every day by 2030.

Ending 7 Neglected Tropical Diseases in Africa by 2030

2024 was a landmark year in the fight against NTDs as we surpassed the halfway mark of the World Health Organisation’s 100-country target set for 2030.

Through coordinated international initiatives, donated medicines, increased funding and innovative public health strategies, the global community is making significant strides towards a world free of NTDs.

Despite significant progress, NTD funding in Africa remains unpredictable and lacks long-term sustainability. Achieving elimination goals requires stable and sustained financing. In 2024, CIFF, in collaboration with Reaching the Last Mile and the Gates Foundation, established the $500 million Reaching the Last Mile Fund (RLMF). This programme targets the elimination of lymphatic filariasis and onchocerciasis (river blindness) and has already started implementation in 26 out of 39 countries in Africa and Yemen since July 2024. The fund is expected to provide treatment to over 400 million people, accelerating the elimination of these diseases.

In 2024 alone, through CIFF’s and co-funders’ programmes, 111 million treatments were provided, whereas 81,730 people received sight-saving surgeries. As a result of these targeted interventions and proven strategies, 60 million people across 990 districts no longer require treatment for various NTDs. With just five years remaining until 2030, the year when WHO aims for 100 countries to have eliminated at least one NTD, we look forward to accelerating our efforts alongside partners.

Ending child rape, pregnancy and marriage in Africa

To move closer towards our globally agreed development goals, and for countries to reach their full potential, empowering, supporting and investing in women and girls is crucial.

In 2024, we continued our partnership with CAMFED which reached a total of 135,861 girls by providing them with bursaries and other wrap around services. Our engagements with governments across six countries have paved the way for scaling up our initiatives and ensuring long-term sustainability.

Our work with SHOFCO also continued as we entered into a partnership with Greenland Schools for Girls to support teen mothers to return to and complete secondary school. By the end of the year, SHOFCO had identified 106 girls for support and these girls have been enrolled into the school from January 2025. Additionally, this partnership stopped 1,651 girls from dropping out of secondary school in Kilifi county through provision of bursaries, with 478 girls completing secondary school successfully.

During UNGA, CIFF brought together inspiring and visionary leaders committed to ending child marriage across the continent via an Africa Champions Group Convening. As we look to the future, we look forward to partnering with leaders to mobilise political will, provide resources for girls education, end child marriage, prevent sexual violence and reduce adolescent pregnancies at scale.

Ending preventable deaths of mothers, newborns and children under 5

In 2024, CIFF joined ELMA Philanthropies, the Gates Foundation and Delta Philanthropies in establishing the Beginnings Fund, a philanthropic collaborative that will partner with African governments and organisations to accelerate progress in saving maternal and newborn lives on the continent. Beginnings Fund is a core part of our work in supporting the health of mothers, newborns, and children and will be officially launched in 2025.

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The fund will invest in evidence based, high impact interventions to lower maternal and newborn mortality and stillbirths in 9 high burden African countries.

Accelerating a Just Transition for Africa to Drive Clean Growth

Across the continent of Africa, we worked closely with partners on research, pilot projects, capacity building, and best practice sharing, as we continued to accelerate a just transition and drive clean and resilient growth – the key driver for rising prosperity across the continent.

By supporting the Africa Climate Foundation (ACF), we have enabled ACF’s work on Just Energy Transition Partnerships (JETPs) which includes direct technical assistance to governments. JETPs support the country's self-defined pathway to economic growth and job creation, alongside a fossil fuel transition - however, JETP actions are complex, and unlocking clean growth pathways will continue to be both an opportunity and a challenge.

In 2024, Africa made significant steps in its clean growth agenda, with South Africa leading the way through its JETP. In 2024, this enabled the South African Independent Power

"CIFF had a vision for an African Philanthropy to open new vistas of opportunity on development and climate. ACF has just celebrated its 5th birthday on 1st April 2025 - CIFF has been on this journey from the start. A key moment in the ACF/CIFF partnership was the successful establishment of the first country investment platform - the South Africa Just Energy Transition Partnership ( JETP) which has fundamentally shifted the way we deliver NDC and growth ambitions in emerging and developing economies, globally."

Saliem Fakir, Founder and Executive Director of the Africa Climate Foundation

Producers to increase renewable energy and South Africa’s clean energy commitments have increased from $8.5 billion to $11.6 billion.

This commitment to clean energy transition has also remained a priority in several countries including Nigeria, where ACF has been providing technical assistance. In 2024, the Nigerian Ministry of Finance established the Green Growth Economic Plan, which included establishing a Green Growth Office to institutionalise climate-focused strategies. The Nigeria Wind Energy Council last year launched a comprehensive wind resource database. This initiative is set to attract significant investments in Nigeria’s wind energy sector in the near and medium-term. In Senegal, ACF has partnered with civil society organisations to strengthen non-state actors capacities to effectively support Senegal’s JETP implementation by combining research, lessons and grassroots engagement.

Scaling Sustainable Investments for Africa’s Development

In 2024, CIFF launched two transformative platforms—the Africa Capital Hub (ACH) and the Africa Social Impact Exchange (ASIEx) —to redefine how development finance is structured, mobilised, and deployed for impact across Africa.

The Africa Capital Hub, launched in partnership with UBS Optimus Foundation and Bankers Without Boundaries (The Investment Bank for Earth), has established dedicated resources in Kenya and Tanzania, with a near-term goal of mobilising $300 million in SDG-linked investments. ACH is set to transform Africa’s development financing ecosystem, ensuring sustainable government-led investment models with an ambition to unlock $1 billion by 2030.

Meanwhile, the ASIEx, addresses market fragmentation and financing inefficiencies in social investment. Designed to unlock catalytic funding and bridge Africa’s financing gap, ASIEx combines blended finance solutions, investment readiness, and impact measurement to direct capital towards scalable, highimpact solutions. The ASIEx Catalytic Pooled Fund is targeting $200 million, unlocking $2 billion in development capital, reinforcing CIFF’s leadership in reshaping Africa’s investment landscape. These initiatives position CIFF at the forefront of leveraging catalytic capital, unlocking private and philanthropic investments, and ensuring Africa-led, scalable financing solutions.

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India

India recently laid out its 'Viksit Bharat' roadmap to become a developed nation by 2047, focusing on transformative growth across the economy, infrastructure, healthcare, and education. The plan emphasises evidence-based interventions and measurable outcomes through coordinated action between government, civil society, and private sector partners.

CIFF is partnering with both national and state governments to advance India's vision of Viksit Bharat. In 2024, we achieved remarkable results through several of our long-standing programmes, which, if scaled-up nationwide, have the potential to make a significant impact on India's growth and development.

Setting Up Girls for Success in India

India is making significant strides in education through initiatives that focus on access, quality, and life skills development. CIFF has worked in partnerships with governments, civil society organisations, and the private sector to further India's education and skilling priorities to ensure positive outcomes for all.

Breaking barriers in education, Educate Girls, a 2019 Audacious Project recipient, partnered with state governments and achieved its ambitious five-year target of bringing 1.56 million girls back to school across 30,000 villages in Bihar, Madhya Pradesh, Rajasthan, and Uttar Pradesh. Beyond enrollment, Educate Girls focused on improving learning outcomes and ensuring that schoolgirls can read, write, and solve maths

problems confidently.

Building essential life skills, the Life Skills Collaborative (LSC)—a practitioner-led initiative of 18 organisations—created pathways for development of India’s youth. Featured in the Government of India's latest Economic Survey, LSC provided governments and nonprofits with India’s first life skills glossary which included contextual definitions of life skills, assessment frameworks, and insights from young people, parents, and teachers across states, ultimately reaching 30 million young people.

Accelerating Women’s Economic Empowerment in India

The Skill Impact Bond (SIB), led by the National Skill Development Corporation under the Ministry of Skill Development and Entrepreneurship, is the world’s largest impact bond on skilling that aims to transform the skilling and employment landscape in India by focusing on job retention, particularly for women.

Since its launch in 2021, CIFF supported SIB as a one-of-a-kind public-private partnership model in India that has trained over 20,000 young women across 16 states. Of these, approximately 16,000 women have been placed in jobs in aspirational sectors, with nearly 60% completing more than three months in employment, demonstrating the programme’s significant impact.

In recognition of its success, SIB was highlighted as an innovation in the 2024 Indian Economic Survey Report. CIFF’s

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founder, Sir Chris Hohn, met with Shri Jayant Chaudhary, Minister for Skill Development and Entrepreneurship, where they discussed SIB's impact and expansion of results-based financing with the Government engaging as an outcome funder.

Breakthrough in Solving India's Persistent Low-Birth Weight Challenge

Low-birth weight remains a critical health challenge, putting infants at higher risk of poor health and developmental outcomes. In 2024, two evidenced-based solutions showed promising results in tackling this challenge: single-dose Intravenous (IV) iron therapy; and a programme combining cash transfers with nutrition counselling to enable pregnant women and breastfeeding mothers to eat more and to eat healthy.

A clinical trial in Rajasthan and Karnataka demonstrated that a single dose of IV iron reduced low birth weight in newborns by 13% compared to traditional oral supplements. It also proved significantly more effective in treating anemia: while over onethird of women didn't improve with oral supplements, just 18% showed no improvement with IV iron. The Government of India officially approved the use of IV iron during pregnancy thereby making it possible for a large number of pregnant women to access this evidence-based treatment for better health outcomes for themselves and their babies.

The government's cash transfer programme has reached over 3 million pregnant and breastfeeding women in Rajasthan, enabling them to purchase nutritious meals. An independent evaluation conducted in 2024 across five of the most vulnerable districts in Rajasthan, studying the impact of cash transfers over three years, showed more than two-fold increase in weight gain during pregnancy and a 21% reduction in low-birth weight cases, with an estimated 21,000 low birth weight cases averted. The programme's success has generated interest across India, with Rajasthan now sharing these best practices with other states for scaling it up nationwide.

Accelerating the Climate Transition in India

Evidence shows that climate-friendly growth could significantly boost India's GDP. As the country strives to become a developed nation by 2047 and achieve net-zero emissions by 2070, it needs an average growth rate of 8.5% over the next two decades while transitioning key sectors—energy, industry, transport, and agriculture—toward cleaner alternatives.

Through the Sub-national Climate Resilient and Clean Growth Transition initiative, CIFF is adopting an ecosystem approach that brings together government, funders, and local nonprofits to advance clean growth pathways. Initially focusing on six states that account for half of India's GDP and emissions, this collaborative effort aims to balance economic development with environmental sustainability.

CIFF is also supporting the International Solar Alliance (ISA), with India leading the charge, alongside France, in driving global solar adoption. At home, India’s policies have been key to accelerating solar uptake, including the 2024 PM Surya Ghar Muft Bijli Yojana (Rooftop Solar Scheme), which allocates $8.7 billion to provide solar power to 10 million households. In Uttar Pradesh, CIFFbacked efforts have driven widespread rooftop solar adoption, particularly in Varanasi, where nearly 40% of households have installed RTS systems—the highest in the state. India’s push for solar adoption reflects a broader wave of policy innovation driving the country’s clean energy transition—with renewable energy capacity doubling over the past decade and electric vehicle sales climbing from just 1% in 2020 to 8% in 2024.

Domestic Philanthropy catalysing impact in India

The Indian philanthropic landscape grew by 10% in 2023-24 (compared to a 5% annual growth between 2018 and 2023), reaching $14.4 billion, with domestic philanthropy accounting for 81% of private giving. With the donor base expanding, Indian philanthropy can catalyse transformative change by supporting the Government in testing innovative solutions and preparing them for scale. CIFF is deepening engagement with domestic donors and building philanthropic infrastructure like the Collaboratives Resource Hub that enables strategic partnerships between donors, implementors, and other ecosystem players in the development sector.

"The collaboration will provide technical support to improve maternal and child health services, strengthen the state’s family planning programme, and facilitate the achievement of sustainable development goals related to maternal and child health over the course of five years."

Gayatri Rathore, principal secretary (health), Rajasthan on signing an MoU with CIFF.

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East and South- East Asia

In East and South-East Asia, our work is focused on tackling climate change. Responding to the crisis in this region is critical due to high emissions and the region’s acute vulnerability to climate change.

Supporting China's decarbonisation and accelerating the rate at which this happens is essential if we are to meet global climate targets - this is why China is a key focus of our work in the region. We work closely with partners on research, pilot projects, capacity building, and best practice sharing, whilst building international bridges for climate dialogue and collaboration for a more sustainable future.

Renewable Energy Development

China is currently at a stage where its greenhouse gas emissions are peaking. This means that emissions will soon stop increasing and begin to decrease, which is a critical step towards achieving global climate goals. Despite this progress, there are still significant challenges to overcome, as China, like many other countries, remains heavily dependent on fossil fuels. However, China has made substantial advancements in its transition to clean energy.

For instance, throughout 2024, China installed over 350GW of wind and solar, an increase of ~34% year over year, with wind and solar capacity surpassing national targets six years ahead of schedule. As of early 2024, China’s combined wind and solar capacity exceeded that of coal power, which marked

a major milestone in the country’s efforts to transition energy production away from fossil fuels. CIFF partners have assisted this progress, closely supporting transition roadmaps, technical analysis, mechanism design, and market-based solutions to accelerate the shift to renewable energy.

In 2024, CIFF partners also played a key role in Japan and South Korea’s renewable energy progress, providing data analytics, scenario modelling, and policy recommendations. Both countries have climbed the global ranks, now standing 4th and 10th in solar generation respectively. Meanwhile,CIFF partners provided underpinning analyses and technical assistance to accelerate renewable investment in South-East Asia which reached $8.5 billion in 2024, a 37% rise from the previous year. Of the invested volume, $1.5 billion was for wind projects, a 75% increase from 2023.

Climate finance

In 2024, we saw Japan issue the world’s first sovereign climate transition bonds, designed to incentivise the private sector - to transition away from investing in carbon-intensive, fossil fuel centric production to funding decarbonized manufacturing. Japan has committed to issuing some ¥20 trillion ($133 billion) of GX Green Transformation bonds over the next decade. CIFF’s partners helped advise this initiative and provided technical support.

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Furthermore, the first dedicated administrative regulation on China’s Emissions Trading Scheme (ETS) came into effect in 2024, and the country’s carbon market was announced in the same year to be expanded to cover high-emission industrial sectors of steel, aluminium and cement, raising the share of national CO₂ emissions covered by the market from 40% of China’s total to 60%. CIFF partners supported the development of ETS through stakeholder preparedness, technical assistance on methodologies, and practice sharing.

and battery supply chain decarbonisation. The success of the EV market in China is a strong example of uptake of a green-aligned technology and has made EVs more accessible globally. China’s EV penetration rate in passenger vehicles exceeded 50% from July 2024, with the number of charging poles increasing by 50% year on year, which strongly supports the expansion of the EV market. CIFF partners are also supporting the collaboration between China and Indonesia on sustainable EV supply chains.

Building consensus towards climate goals

With China’s shift to “dual-control” of total CO₂ emissions and carbon intensity, CIFF partners provided technical expertise and shared global best practice through platforms like China Council for International Cooperation on Environment and Development (CCICED) to support China’s carbon-neutral future at both national and sub-national levels. We also supported multiple dialogues on global south cooperation on green development through platforms like the BRI International Green Development Coalition (BRIGC) at COP29 and other international moments to build international consensus and share solutions towards the global climate goals.

Electric Vehicles (EV)

Electric vehicles present an important global opportunity to transition to lower environmental impact alternative, without having to shift behaviour habits. CIFF's partners provide recommendations and technical advice to support EV roll-out, including standards, charging infrastructure deployment and pilots on prioritised right of way, in multiple geographies. They have also supported countries to improve vehicle-grid integration

"China's low-carbon transformation plays an important role in the global response to climate change and sustainable development, and its policy and technological solutions will also provide valuable experience for the green development of countries around the world. As an important partner of the Energy Foundation China, the Children's Investment Fund Foundation (CIFF) works with us to support systematic research and typical local pilots of energy transition in China. We look forward to helping accelerate progress in China and the world towards a clean, green, safe, prosperous, and inclusive future!"

Professor Ji Zou, CEO & President of Energy Foundation China

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Europe

Throughout 2024, our work in Europe focused on driving the climate transition by reducing emissions, expanding renewable energy, and strengthening our ecosystem of partners. While the socio-political landscape has become more challenging, with increased climate backlash across the continent, Europe remains a global leader in sustainability.

Energy transition

2024 saw tangible examples of progress. Analysis showed that EU greenhouse gas emissions dropped by 37% and UK emissions by 53% since 1990 , largely driven by the UK’s coal phase-out and investments in sustainable energy. In addition, the EU’s electricity generation from wind and solar hit a historic high, rising from 27% in early 2023 to 30% in 2024. Our key partner in Europe, the European Climate Foundation (ECF), has

"Europe’s climate leadership is not a burden, but a strategic asset. Doubling down on the green transition will help secure its economic edge, strengthen energy security, and reinforce its global standing."

been working with the ecosystem to drive a clean industrial transformation and an economy-wide shift to clean power and renewable energy infrastructure across the continent.

ECF works closely with partners in the UK. In July, the UK Government lifted its ban on onshore wind farms and committed to doubling Britain’s current onshore wind capacity by 2030– a milestone supported through advocacy by ECF’s partners’. Furthermore, in September, the country’s last coal power station, at Ratcliffe-on-Soar, was closed, marking the end of the UK’s 142-year reliance on coal-fired electricity and underscoring the nation’s accelerating transition toward a cleaner energy future.

Nature and Air Quality Policy

In June, the EU took a major step in restoring nature with the adoption of the Nature Restoration Law, the first comprehensive, continent-wide legislation of its kind. The law sets binding targets to restore 20% of land and sea by 2030 and nearly all degraded ecosystems by 2050—an achievement made possible years of collaboration between stakeholders across Europe.

Alongside nature, the EU also advanced ambitious air quality goals. The adoption of the EU’s Ambient Air Quality Directive has doubled Europe’s air quality ambition and will greatly contribute towards reducing pollution-related premature deaths by at least 55% by 2030 across the EU. This was shaped and

Laurence Tubiana (CEO of the European Climate Foundation)

1 Progress on climate action - European Commission 2 UK half way to net zero - GOV.UK

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accelerated with the support of CIFF’s partner, the Clean Air Fund. Their work has been instrumental in mobilising civil society voices and driving national momentum around clean air.

Clean Air Fund’s support for civil society in Poland has played a major role in securing improved air quality. In cities, our partners' advocacy enabled the replacement of old coal-fueled stoves in residential homes with modern heating installations.

Jane Burston (CEO of the Clean Air Fund)

Urban and Sub-national level work

Tackling the climate crisis requires action at every level, and cities —responsible for over 70% of global emissions—are uniquely positioned to drive rapid, scalable change through bold leadership and local solutions. In Europe, CIFF’s partner C40 now brings together over 18 member cities, representing around 48 million residents. Between 2015 and 2024, these cities achieved a remarkable 23% reduction in per capita emissions and introduced 235 high-impact climate policies, including new rules to ensure buildings are zero carbon, the use of electric vehicles in city services, and the introduction of climate-focused budgeting across city departments.

Furthermore, cities across Europe have taken tangible action for clean air in 2024 with two low emissions zones for transport implemented in Warsaw and Sofia, the launch of the Limited Traffic Zone in the Paris city centre, and the upcoming launch of a LEZ for heating in Sofia - the first of its kind in Eastern and South East Europe. These achievements underscore the power of urban leadership to deliver real, measurable progress in the fight against climate change.

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Strategic Report P8ge28

Strategic Report

Introduction

2024 was a pivotal year for CIFF as we updated our strategic approach to better serve our charitable objectives and keep focused on our long-term goals during a time of urgent global need. By moving to a two-year business plan and structuring our work around specific missions, we are focusing on the outcomes of our work whilst giving ourselves and partners greater flexibility to adapt to changing needs. This strategic shift positions us to help bridge divides, foster meaningful alliances, and demonstrate how philanthropy can be a stable force for systemic change.

Our operational model has been evolved in close partnership with our People team to ensure that staff wellbeing is centered in the decision making needed to support this transition. By moving to a two-year business plan, we can simultaneously ease workloads for CIFF colleagues and partners, whilst still making ambitious and urgent impact through the work we do. As we continue our work to help solve problems rather than simply make grants, we are excited at the prospect of accelerating progress towards the Sustainable Development Goals and the Paris Climate Agreement to foster a world where all children can thrive.

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People and Culture at CIFF

Achieving our charitable objectives will only be possible if we nurture our people and our culture. That's why our aspiration is to build world-class talent and capability, providing an environment where all members of the CIFF family can be at their best and realise their full potential.

Efficient and effective resourcing

As referenced in our Chair’s and CEO’s letters (pages 2-5), Sir Chris’ donation has enabled CIFF to scale our philanthropic commitments, from $577 million in 2023, to $923 million in 2024. This scale of ambition has, therefore, required the implementation of significant internal, functional changes, at pace. These changes impacted the majority of teams, with more than 70% of staff being part of this change transformation. This included team realignment and new senior roles appointed in programme teams to maintain and improve operational mastery and ensure the organisation can achieve impact at this greater scale.

Throughout this time, employees continued to demonstrate high levels of passion and engagement in their work. Along with this change, we prioritised the smooth onboarding of new joiners along with the development and promotion of outstanding existing talent.

Capability and performance building

A critical part of our people workstream was the roll-out of a bespoke two-year learning and development (L&D) plan centred around nine critical capabilities. The initial focus has been on operational strength, incorporating cost optimisation and financial literacy. As well as specific capabilities the plan is also focused on helping catalyse the necessary mindset shifts required for an organisation working on a greater scale; for instance, helping everyone to view their work through an external lens.

The core L&D bespoke facilitated skills programmes are central to overall learning at CIFF - these include programmes on coaching skills, board membership, effective relationships and communication skills. The coaching approach works to enable staff at CIFF to develop critical leadership behaviours around solving problems with agility, thinking and acting strategically, and driving quality execution and accountability.

Empowering our Talent

In 2024, we made significant additional strides in strengthening this promise, thanks to the collective dedication of our teams, partners, and stakeholders. Together, we reinforced our commitment to child and adults-at-risk safety, integrity, accountability, and impact across every programme we support.

A major milestone this year was the successful completion of a rigorous round of safeguarding Quality Assurance checks across our portfolio. These reviews were more than a compliance activity – they were a meaningful exercise in accountability, helping ensure that all CIFF-supported environments are safe, respectful, and protective for children and people at risk.

Alongside these checks, we responded to and learned from safeguarding concerns with urgency, care, and humility. Each incident reinforced the importance of continuous learning, and we’ve already begun sharing insights with our Board. These lessons are now being embedded into central and local training initiatives – starting in our Kenya and Ethiopia offices, and soon to be rolled out in India and China.

Diversity, Equity and Inclusion

During these challenging times, we remain steadfast in our belief that all people deserve dignity, respect, and inclusion, regardless of their background or identity. Harassment or discrimination based on any protected characteristic is not tolerated under any circumstance and we work to further embed these values internally at CIFF as well as learn and share resources with our partners.

Diversity, Equity and Inclusion is a core pillar of our business – it's both the right thing to do and makes our work more impactful, credible and sustainable, for us and the individuals and communities we serve. In addition to our internal work, we are committed to embedding equity across our grant-making and partnerships.

Looking Ahead

Looking to 2025, we will focus on embedding the changes delivered last year, so that CIFF is able to continue scaling and supporting the work of our partners. We will continue to incorporate the voice of our staff in improving our culture, practices, learning and impact, through our many feedback channels, including the Employee Forum, which includes representatives from all teams, job grades and geographies.

Empowering our talent through clarity of roles and decision making has been critical in 2024. To support the change process outlined above, our internal communications approach ensured there was consistent understanding of CIFF’s objectives and long-term strategy. Additionally, a focus on enabling opportunities for growth and transparency of internal job opportunities was key last year.

As part of our aspiration to strengthen the CIFF family, a priority for us in 2024 was developing a bespoke, structured 360-degree feedback process which was undertaken by the Executive Team and will be rolled out to the full director cadre in 2025. This tool is centred on our code of respect, focusing on collaboration, creating a culture of trust and communicating with integrity.

Safeguarding

We are set on promoting the highest standards of safeguarding to ensure the well-being and safety of all individuals involved in our organisation directly, but also individuals who are part of our programmes and activities. At CIFF, safeguarding is not just a policy —it is a promise.

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Section 172

In preparing the Strategic Report, the Trustees have considered their duty to promote the success of the Foundation under section 172(1) of the Companies Act as interpreted in accordance with section 172(2) given the foundation’s charitable objectives. As such, the board confirms that in its decision-making, it considers:

• Long-term consequences

• The interests of employees

• The public benefit of the Foundation’s work

• Impacts on the community and the environment

• Maintaining a reputation for high standards of conduct

• The need to foster relationships with suppliers and grantees

In making decisions about CIFF’s charitable work, the Trustees consider many factors and most importantly, in relation to its grantmaking activities, the opinions and advice of independent experts appointed to its Investment Committees (as described further below). Grant-making activity is also informed through regular engagement with grantees (including through a bi-annual grantee survey), who are encouraged at all times to raise issues or concerns. These are relayed to the Trustees (and other advisors) through regular portfolio review meetings.

During 2024, the Foundation’s Investment Committees and Board continued to make decisions to support the Foundation’s long term charitable strategy and objectives. In doing so, the Foundation has had to diligently and proportionately anticipate and adapt to changes in the global economy, including inflation and higher interest rates, and their interplay with political decisions related to development funding in both developed and developing countries. The Investment Committees and Board use real-time information and expert advice to understand how these factors impact the Foundation’s finances, investments and programmes, including impacts on grantees’ operations and ultimate beneficiaries.

In this challenging environment the Foundation is happy to have increased its charitable grant disbursements in 2024 to US$631 million (2023:US$578 million). In addition, in 2024, TCI Fund Management Limited signed a grant letter with the Foundation for a US$320 million donation which will support the implementation of the 2025-26 business plan.

The Trustees also regularly rely on the advice of external charity lawyers regarding regulatory and other matters related to the management and operation of the Foundation. This advice is received from experts that can advise on modes of governance, operations and transactions in a manner that fully reflects regulatory requirements, Charity Commission guidance and general best practice. Appropriate legal and other technical advice is also sought from local experts in relation to the Foundation’s overseas operations and programmes to ensure compliance with all applicable rules, regulations and guidance. This advice, as well as advice from the General Counsel is relied upon by the Board in making decisions that ensure the Foundation’s reputation for high standards of conduct are maintained.

The Foundation’s General Counsel and Global Head of Compliance provide the Board with updates on any incidents that take place in the context of the Foundation’s work at every Board meeting. Legal and Compliance are also integrally involved in all programmes that the Foundation develops and implements to ensure the highest standards are maintained.

The People team gather insights from employees via multiple channels including surveys and discussion forums, covering a broad range of topics such as wellbeing, remuneration, job satisfaction and culture. The insights are shared where appropriate with the Board and Remuneration Committee to support decision-making and to ensure that Trustees have a high level understanding of achievement against our key people metrics and ultimate delivery of our people strategy.

Engagement with stakeholders is integral to developing and executing on our strategy to achieve its charitable objectives. The voices of CIFF's beneficiaries, grantees, partners and employees are not only heard but promoted to increase the effectiveness of its work for the public benefit. These voices form part of the Foundation’s commitment to continual learning and development, in the context of specific charitable programme objectives but also in terms of how the Foundation operates and its aim to address matters such as diversity, equity and inclusion in all its work.

The Foundation is committed to creating a workplace where everyone can bring their authentic selves to work every day, and upholding dignity and respect for all individuals, underpinned by our Code of Respect. We are continuing our work and learning, informed by many stakeholders from employees to grantees and beneficiaries, in relation to diversity, equity & inclusion, and

harassment or discrimination will not be tolerated. All employees have received (and continue to receive) information and training on these issues both internally and through third party experts and advisors.

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Reducing the climate impact of our operations

We are committed to reducing our carbon footprint in line with best practice guidance and regulation.

CIFF’s Climate Transition Plan

CIFF is committed to producing a Climate Transition Plan (CTP), which is nearing completion. Board approval and publication on our website is expected later in 2025. The plan will incorporate our ambition to reduce carbon emissions, baselines for measurement, implementation strategy and governance. The plan has been produced following best practice guidelines with feedback received from third party experts.

Current approach

For the purposes of this year’s annual report, we have adopted best practice measures from the array of guidance. We continue to: a) independently measure our emissions, b) take action to reduce our operational carbon footprint, and c) purchase high-quality carbon credits as contribution to a global net zero goal. In purchasing these credits, we do not make any “carbon neutral” claim or similar that might imply a net reduction in our carbon footprint. We also recognise wider consideration of the Foundation’s value chain is required to fully assess the environmental impact. Given a significant portion of our value chain's environmental impact is the financed emissions associated with our endowment investment portfolio, we are continuing to report on emissions in relation to our public equity positions.

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Operational emissions

Independent Measurement

CIFF has appointed Carbon Footprint Ltd to independently assess its Greenhouse Gas (GHG) emissions for our buildings and operations in accordance with the UK Government’s ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance’.

The GHG emissions have been assessed following the ISO 14064-1:2018 standard and has used the 2021 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the location-based approach for assessing Scope 2 emissions from electricity usage. The operational control approach has been used.

We have been assessing our carbon emissions with the support of Carbon Footprint since 2019, including backdated estimates to aid the purchase of carbon credits back to July 2016. The table below summarises the GHG emissions of our buildings and the majority of our operations for reporting year 2024 together with prior period actuals.

Total energy consumed (kWh) Total Gross Location-Based Emissions Activity	90,423 3,480 January to December 24	January to December 23
		131,180 3,508

Methodology and Calculation Changes

There have been no changes to any of the methodologies in 2024.

Reductions

All planned future reductions are now included in the Climate Transition Plan.

Contribution

CIFF will continue to purchase high-quality carbon credits, in line with our Climate Transition Plan (CTP). The volume of carbon credits purchased is calculated by adding our buildings and the majority of our operations emissions for the past year, plus the estimated emissions for the coming year, plus 8% as a buffer. In purchasing these credits (high quality removals (DAC), European Emissions Tradition Scheme Allowances (EUA) and high-quality voluntary carbon markets credits), we do not make a “carbon neutrality” claim or any claim that signifies a reduction in our carbon footprint or substitution for internal emission reductions. For now, these credits are purchased as a financial contribution towards high-quality development, in support of market-based mechanism for sectoral emission management and breakthrough technologies that are all contributors towards a global net zero goal. Over time, the weighting of our credit purchases will likely shift to a balanced portfolio of DAC and voluntary credits that reflect our geographical footprint and are in compliance with the Core Carbon Principles (CCP) developed by the Integrity Council for the Voluntary Carbon Market (ICVCM). Delivery against our short-term emission targets (up to 2030) will not depend on the use of carbon credits. Any future claims required to achieve our 2050 net zero ambition will be aligned with best practice guidance and regulation and will depend on us having made all possible efforts to reduce emissions first, including through adequate capital allocation and active engagement with value chain, industry, and government stakeholders.

Carbon emissions for CIFF buildings and operations have been calculated for the period from July 2016 to December 2024 and estimated for 2025, totalling 23,420 tCO2e. In addition to 19,320 tCO2e of carbon credits purchased in previous years, during 2025 CIFF purchased 4,100 tCO2e of high-quality carbon credits.

This year, we have purchased a mixed portfolio of credits derived from voluntary and regulated markets, as well as direct air capture removals (DAC). The voluntary credits purchased are either already CCP-compliant or presently under assessment by ICVCM (see table below). This portfolio reflects our view that voluntary carbon markets can provide a valuable source of finance for nature, local communities, and permanent removals. It also reflects our view that regulated markets have a critical role to play in ensuring the integrity of carbon markets.

Given these considerations, we have chosen to purchase credits from: i) a CCP landfill gas project in Brazil that will provide cobenefits to the community along with emissions reductions, ii) an afforestation project using native species in Panama iii) emissions allowances from the EU Emissions Trading System (EU ETS), and iv) high-quality direct air capture (DAC) removals. It is unlikely that any of the credits purchased are associated with CAs given that neither Brazil nor, Panama, have formalised their stance on CAs or have frameworks in place to provide Article 6 authorisations and apply CAs.

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Volume of	526	715	809	1,900	150
credits
purchased
Certification	Gold Standard	Gold Standard	Gold Standard	EU ETS Allowances	Climeworks
standard name
Project Name	Ecoparque João	Ecoparque João	Planting Biodiverse	n/a – purchased via	Climeworks Direct
	Pessoa Landfill Gas	Pessoa Landfill Gas	Forests in Panama	Climate Footprint	Air Capture
	Project	Project			Removals
Project ID	GS12045	GS12045	Marketplace	n/a	n/a
Retirement serial number	GS1-1-BR GS12045-21-2022-26424-1- 526	GS1-1-BR GS12045-21-2023-26425-1- 715	GS1-1-PA GS2940-21-2017- 20667-109999-110807	n/a	n/a*
Retirement date	12/05/2025	12/05/2025	12/05/2025	07/05/2025	n/a*
Issuing Registry	Gold Standard	Gold Standard	Gold Standard	EU ETS Union Registry	n/a
for credits used
Host country	Brazil	Brazil	Panama	n/a	Switzerland
Credit vintage	2022	2023	2020-2022	n/a	n/a
Methodology/	ACM0001 Flaring or	ACM0001 Flaring or	Afforestation /	n/a	Climeworks/DNV
project type	se of landfill gas	use of landfill gas	Reforestation GHG		removals
			Emissions		methodology (pending
			Reduction &		certification)
			Sequestration
			Methodology
Methodology	Yes	Yes	Under review	n/a	n/a
approved in
alignment with
ICVCM’s Core
Carbon Principles
Whether or not	[No – we confirm that the	[No – we confirm that	[No – we confirm that	n/a	[No – we confirm that
the carbon credit	mitigation underlying the	the mitigation	the mitigation		the mitigation
is associated with	carbon credit may also	underlying the carbon	underlying the carbon		underlying the carbon
corresponding adjustments (as evidenced by authorization and authorized use)	count towards the host country’s Nationally Determined Contribution]	credit may also count towards the host country’s Nationally Determined Contribution]	credit may also count towards the host country’s Nationally Determined Contribution]		credit may also count towards the host country’s Nationally Determined Contribution]
by the host and/
or buyer country
Whether or not	Certified SDG Impacts:	Certified SDG Impacts:	Certified SDG Impacts:	n/a	n/a
the carbon credit	8, 7, 13	8, 7, 13	8,12,13,15
is associated with
any third-party
certification
regarding social or
environmental
integrity (e.g.,
SDG label)

• These are advance purchases of DAC credits, which will be realised within six years.

Investment portfolio

CIFF has an investment portfolio of $6.1 billion as at 31 December 2024 that finances our charitable expenditure. CIFF’s endowment is subject to restrictions to ensure we remain invested in companies that are not working against CIFF’s ethical values. Find out more about our Investment Policy on page 39.

CIFF supports in principle our investment manager where they actively engage companies we invest in to mitigate climate change and support the transition. We are supportive of the work our investment manager has completed to date, such as seeking greater disclosure of greenhouse gas emissions, encouraging the implementation of climate transition plans and in some instances filing shareholder resolutions.

The outcome of our investment manager’s engagement, which we value as a key enabler to reducing climate change, is not depicted by the reporting of our financed investment emissions, however following best practice guidance we continue to disclose financed emissions below.

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The investment portfolio is actively managed to deliver real-world emission reductions. While our current financed investment emissions are reflective of the sectors in which these investments sit, our investment manager actively engages all holdings to disclose and implement climate transition plans (aligned with credible science-based benchmarks where available). CIFF will continue to support the development of sectoral benchmarks across all sectors of the economy and independent assessments of plans and performance through our grant-making to strategic partners, such as CDP and Climate Arc. This will further enable our investment manager to accelerate emissions reductions by incorporating such assessments into the active management of our portfolio.

We are supportive of our investment manager's ESG policy (more details available here ), including their approach to assessing climate risk and active engagement with companies in the publicly traded equities portfolio. CIFF has adopted a responsible investment guideline (see here ) adopted by the Trustees in recognition that certain investments would be in contradiction with our Charitable Objectives, and therefore we have prohibited their presence in CIFF’s endowment portfolio. Beyond those, the management of the CIFF portfolio prioritises active stewardship (see our investment manager's past ESG engagements here ) over divestment to facilitate actual emissions reductions across the real-economy, however the investment manager will evaluate divestment (above and beyond those prohibited by our ethical guidelines) as an option where a company in the portfolio refuses to disclose emissions or develop and implement a credible climate transition plan to reduce their emissions.

The CIFF investment portfolio is made up of public equities (2024: 74% of investments, 2023: 77%) together with unlisted debt, equity, and fund investments. The availability and accuracy of emissions data for unlisted investments are limited, therefore the reporting only includes public listed equities. We will continue to investigate approaches to capture emissions for the remainder of the investment portfolio with the aim of continuing to enhance our emissions reporting annually.

For our public equities, we recorded a scope 1 and 2 emission footprint at 42,540 tCO2e as of 31 December 2024 (2023: 61,351 tCO2e) which is significantly below the emissions of the MSCI World Index proxy benchmark for a portfolio of the same size at 188,704 tCO2e (2023: 197,518 tCO2e,). The emission footprint calculation is based on guidance set out by the Partnership of Carbon Accounting Financials (PCAF) and emissions data collected directly from company financial statements for reporting period 31 December 2024 or where the reporting period is not aligned, the closest reporting to 31 December 2024 that is available.

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Financial Review

Five-year summary of income and expenditure

Summary of income and expenditure

e
2020	2021	2022	2023	2024
US$m	US$m	US$m	US$m	US$m
97	29	72	299	304
430	695	(488)	1,021	638
527	724	(416)	1,320	942
(14)	(19)	(15)	(12)	(12)
(369)	(828)	(491)	(549)	(640)
(383)	(848)	(506)	(561)	(652)
144	(124)	(922)	759	290

Fixed Assets Current assets Total liabilities	2020 2021 2022 2023 2024
	US$m US$m US$m US$m US$m 5,973 5,909 5,129 5,901 6,153 232 454 189 159 107 (200) (481) (359) (343) (251)

Grant disbursements (US$m) 5-Year disbursement ratio Average headcount (FTE) Operating expense as a % of disbursements	2020 2021 2022 2023 2024
	344 468 530 578 631 4.8% 5.4% 6.6% 7.7% 8.9% 132 167 195 211 225 * 9.1% 8.3% 7.8% 7.7% 7.9%

• The 5-year disbursement ratio is defined as the average spend divided by the average assets over a 5-year rolling period. ** For this ratio, operating costs do not include the exceptional expenses included in 2020-2024.

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Charitable activities

The Foundation committed US$640 million to charitable activities (2023:US$549 million), which consisted of US$584 million of charitable grant commitments (2023:US$500 million), US$7 million of activities undertaken directly (2023:US$5 million) and US$49 million of operating cost (2023: $44 million).

Activities undertaken directly (DCA)

The direct expenditure of US$7 million (2023:US$5 million) on charitable activities was mainly to further CIFF's mission by convening conferences and events, providing technical assistance and training to grantees and other charitable organisations, and publishing and disseminating research findings.

Grant disbursements

The Foundation made US$631 million of charitable grant payments in 2024, which is the seventh successive year of increased disbursements and represents a 9% increase on the prior year (2023: US$578 million). The chart below shows the grant payments made in 2024.

Charitable grant payments by sector: (USD$m)

----- Start of picture text -----
Climate – 2023 US222m
Climate – 2024 US260m
SRHR and Girl Capital – 2023 US$142m
SRHR and Girl Capital – 2024 US$146m
Health and Nutrition – 2023 US$128m
Health and Nutrition – 2024 US$132m
Cross Cutting – 2023 US$88m
Cross Cutting – 2024 US$93m
----- End of picture text -----

Total Payments US$m

2023 US$578m 2024 US$631m

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Investment Review

Investment strategy

The Trustees have developed an investment strategy which provides for investing in a diverse portfolio of financial investments with a long-term investment horizon. The Foundation’s investment objective is to:

• seek an inflation-adjusted return of at least 6% per annum over a 10-year rolling period;

• manage its investment portfolio to ensure appropriate liquidity and risk controls while also permitting illiquid

• investments with the potential for a high return; and

• diversify its investments across a range of asset classes and industry sectors.

It is the intention of the board to maintain the endowment for the long term while continuing to fund CIFF's work. Asset

growth

Since inception, the Foundation has received voluntary income, donations and donations-in-kind of over US$2.8 billion. Over the last 10 years, the Foundation’s net assets have grown through investment to US$6.0 billion as at 31 December 2024 (2023:US$5.7 billion), after charitable activities, governance costs and investment management costs of over US$5.2 billion (2023:US$4.6 billion).

Investment returns

Total incoming resources were US$304 million (2023: US$299 million), consisting of dividends and interest received from the Group’s equity and fixed income investment portfolio together with donations. Investment gains in the year were US$637 million (2023: gain of $1,020 million). The combined net investment return for the financial year ended 31 December 2024 was 13%

(2023: 22%), reflecting continued strong investment performance, with a cumulative performance of 633% since April 2009, equivalent to 14% per annum return (net of fees).

Investment management costs

Investment management costs in 2024 were US$12 million (2023: US$12 million), which mainly related to managing subsidiaries holding endowment investments including brokerage and charges intermediary fees accrued to a third-party real estate advisor (see note 26 for further details of service providers). No fees are charged by TCI Fund Management Limited (TCI FM) in relation to management of the endowment assets.

Asset allocation

The investment manager, TCI Fund Management Limited, invests the Foundation’s assets in different classes and sectors within the parameters set by the Foundation’s investment management restrictions, adopted by the Trustees. The Foundation and its subsidiaries (the “CIFF Group”) operate a diversified portfolio, invested in a number of different types of financial instruments across a wide range of sectors (with certain limitations - see investment policy on page 39). The allocation by asset type is set out in the chart below.

Percentage total asset allocation by asset type (including cash)

----- Start of picture text -----
Investment Funds
3.2%
US$0.2 billion
Loans
1.2%
US$1.2 billion
Equities
US$4.5 billion 72.2% 2024 US$6.1billion 1.4% Cash
US$0.1 billion
Other
2.2%
US$0.1 billion
----- End of picture text -----

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Risk Management and Key Policies

Risk Management

The Trustees are ultimately responsible for the management of the risks faced by the Foundation and regularly review the strategic, business and operational risks to which the Foundation is and may be exposed. These reviews are based on risk reports that are regularly presented to the Board, as well as ad hoc risk reports that may be presented to the Board in the case of specific events or changes in circumstances.

The principal, manageable risks to the organisation identified by the Trustees during the year are those related to safeguarding of beneficiaries and staff of grantees, exposure to cyber-attacks and fraud, the regulatory environment regarding the receipt of foreign charitable funds in certain jurisdictions that CIFF operates in and the wellbeing of staff in the context of highly ambitious charitable objectives. Financial risks and controls are reviewed by the Finance, Audit and Investments Committee and reported to the Board on a regular basis.

The Trustees are satisfied that the sub-committees, systems, controls and policies necessary to manage and mitigate risks identified by the Trustees are in place and these are summarised below. The Trustees will continue to review the Foundation’s risk management processes to ensure as much as possible that the major risks to the Foundation are being identified and appropriately managed.

The management of major risks is carried out in a manner that is consistent with guidance provided by the Charity Commission. The Foundation has established organisational risk working groups that review, identify and manage risks through the Foundation. These risk working groups are in each case comprised of staff representing the different teams throughout the Foundation and cover the following areas: Operations, Ecosystems, People and Political and Reputational. These groups meet semi-annually to discuss the risks faced by the Foundation and mitigating actions. The groups each prepare reports that assign ratings to the risks identified based on the likelihood and impact of the risk, which is then adjusted for relevant mitigants. Each identified risk is also assigned an accountable staff member or members. The final reports from the risk working groups are moderated by the Executive Team before being presented to the Board for review, along with a risk “heat map” giving an overall picture of risk in the Foundation.

The Foundation maintains a comprehensive set of compliance policies that are intended to manage and mitigate many of the risks it faces. These include policies regarding safeguarding, bribery, corruption and fraud, modern slavery and use of IT and social media. These policies are supported by comprehensive induction and continuous training processes that have been developed (and are regularly updated) in collaboration between the compliance and human resources teams.

Investment Risk Management

Investment Policy

The Foundation implements its Investment Policy in accordance with its charitable objects and investment powers, as set out in its Memorandum of Association and in accordance with applicable guidance from the Charity Commission (including Charity Commission guidance “Charities and Investment Matters” (“CC14”)) through direct and indirect investments, including via investment subsidiaries.

The Trustees remain mindful of their duty to review and monitor regularly the management of the Foundation’s investments. The Finance, Audit and Investments Committee (the “Finance Committee”), chaired by Mr Emmanuel Roman, acts as an advisory body to the Board on finance, audit and investment matters.

The Foundation’s investment policy prohibits investments in companies or entities that:

• Generate any turnover from the business of manufacturing tobacco products and tobacco marketing.

• Market breast milk substitutes unless they have committed to adopt the World Health Organisation's International Code of Marketing Breast Milk Substitutes.

• Generate 10% or more of turnover from extracting, stockpiling, distributing or trading fossil fuels.

• Generate 25% or more of turnover from the development, production, manufacture, distribution, stockpiling, transfer or sale of arms.

CIFF monitors TCI FM's investment activities through regular reporting and engagement. During the year, no investments fell into these categories.

Taking into account the advice of the Finance Committee, the Board is satisfied with the current investments and their allocation, although the Board will continue to monitor and review the investment strategy, through the Finance Committee. The Finance Committee regularly reviews the performance of the endowment and engages with the investment manager

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to understand the impacts and actions of the manager. The views of the Finance Committee are shared with the Board so that the non-conflicted Trustees can assess whether they believe any changes to the Investment Policy or the investment management arrangements are required.

The Trustees are aware of the potential conflict of interest which exists between the Foundation and Sir Christopher Hohn as both a Trustee and his position as Managing Director of TCI FM, the investment manager to certain entities within the Foundation’s Group, and accordingly carefully and appropriately manage the relationship. Any potential conflicts in relation to decisions regarding the endowment are managed in accordance with the relevant provisions in the Foundation’s articles of association.

The members of the Finance Committee complete a full review of the Investment Policy at least annually, which includes a review of the investment manager, benchmarking its returns and also benchmarking the intermediary fees of the third party real estate advisor. Further details of the investment portfolio can be seen in the notes to the consolidated financial statements.

Cash Management Policy

The Foundation has a Cash Management Policy, which was most recently updated by Trustees in September 2020. The Cash Management Policy is reviewed at least annually by the Finance Committee and the Trustees and, if necessary, amended.

• The Cash Management Policy sets out:

• The principal objective of cash management at the Foundation, which is to ensure that the Foundation has sufficient cash available to meet its working capital requirements. The Foundation does not seek to maximise investment returns through its cash management activities;

• The cash management activities that are permitted by the Foundation and the applicable limitations upon those activities; and

• Who is required to authorise cash management activities.

• The Foundation implements the Cash Management Policy in accordance with its charitable objects and investment powers, as set out in its Memorandum of Association and in accordance with applicable guidance from the Charity Commission

Financial risk management

Internal controls

The Foundation’s internal controls are designed to provide assurance to the Board of Trustees that adequate procedures are in place and operating effectively to mitigate the risk of material financial loss or misstatement.

The Foundation reviews internal operational and financial process controls on an on-going basis, with external support where appropriate, and implements improvements. CIFF continue to invest significantly in IT security, including annual external reviews and the onboarding of an internal resource focused on IT security.

The Foundation has transitioned to a two-year budget cycle with annual reviews. The Board approved the budget in December 2024 for 2025 and 2026. The Foundation’s support and governance spend is set by reference to total planned charitable disbursements to ensure it remains reasonable and proportionate. The Executive Directors review and approve guidance for budget holders and staff to monitor and control operating cost and government-related expenditure. Further details of financial risk management can be seen in Note 16 of the consolidated financial statements.

Granting Policy

The Foundation currently adopts a “multi-year agreement” approach for multi-year programmes. This multi-year agreement permits, for example, a five-year programme to be contracted for the full five-year term of the programme, but subject to programme reviews and conditionality such that it remains consistent with Statement of Recommended Practice (“SORP”) guidance, with expenditure being recognised annually in the Consolidated Statement of Financial Activities.

For each new grant programme, or “investment”, a full programme budget and mapped work plan is developed by the grantee and the CIFF sector teams during the due diligence phase in order to obtain the necessary approval by the Board, Programme Investment Committees (PICs), or, in the case of investments of a programme with a budget of US$1.5 million or less, the CEO (see also the Foundation Governance Structure section on page 42).

Upon approval by the Board or PICs or CEO, the full programme budget is agreed for the full-term of the programme, subject to the performance reviews that take place during each year of the multi-year programme or any other specific conditionality or “gating” requirements imposed by the Board or PICs. During performance reviews, the relevant CIFF sector team reviews

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the progress of the grant and, if appropriate, agree the work-plan going forward, budget, KPIs, milestones and deliverables.

The performance review process is set out as a condition of the agreement with the grantee, with release of funding being conditional upon adherence to the work-plan, budget, KPIs, milestones and deliverables by a specific date set out in the multiyear contract.

Failure to complete the performance review process and adhere to the work-plans, budgets, KPIs, milestones and deliverables by the relevant date specified may result in termination of the grant agreement.

Reserves Policy

The Foundation maintains three internal reserves to assist in achieving these financial objectives: Restricted Funds, an Expendable Endowment Fund and Unrestricted Funds. The level of these Reserves, considered on a ten-year time horizon, is the key determinant in the amount of capital which the Group is able to distribute each year to charitable activities. The Trustees review reserves annually and are satisfied that the CIFF group is in a position to meet all its current and anticipated future commitments.

Unrestricted reserves

Designated funds

As at 31 December 2024, the Trustees have earmarked US$1,073 million (2023: US$984 million) of reserves as designated funds in recognition of funds which may be called upon to fund approved multi-year programmes within the next 1 to 5 years.

Operational Reserves

The Foundation’s unrestricted funds have also been used in 2024 and previous years as “Operational Reserves” to finance the Foundation’s grant expenditure and direct charitable activity expenditure, operating cost and governance costs and to provide a short-term buffer for grant-making and other costs.

Cash flow projections for income and expenditure are reviewed to ensure that the level of disposable net assets is adequate, and that the Foundation is in a position to meet all its grant-making and working capital commitments. In the event that the Foundation is unable to meet its commitments from reserves of unrestricted funds at their disposal, the Foundation will, as referred to below, draw on the expendable endowment to meet those commitments as necessary.

In view of the high level of liquidity of a large proportion of the Foundation’s assets, the Trustees do not consider that it is necessary or justifiable to carry unrestricted operational reserves and therefore working capital surpluses are transferred to the expendable endowment. The unrestricted operational reserves as at 31 December 2024 was US$nil (2023: US$nil).

Restricted Funds

Restricted funds are generated when a donor stipulates how their donation may be spent. In most cases, there will be a time lag between when such funds are received and when they are expensed. The Trustees ensure that these funds are expensed in accordance with the terms under which they have been donated to the Group. The restricted fund balance as at 31 December 2024 was US$15 million (2023: US$14 million) which consisted of fixed assets relating to drilling equipment for water wells and restricted funding received not yet disbursed. There are no performance-related conditions in relation to restricted funds.

Expendable Endowment Funds

The Group’s endowment is expendable at the Trustees’ discretion. The Trustees have the power to convert any required amount of this endowment into an income which can then be utilised by the Foundation to further its charitable objects. The Trustees’ intention is to monitor the value of the expendable endowment fund in real terms over a multi-year period to ensure that the Group can maintain its existing level of annual charitable expenditure and increase it gradually as they see necessary to meet the Foundation’s charitable objectives for future years. At the year end, the value of the expendable endowment fund was US$4,920 million (2023: US$4,719 million).

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Structure and Governance

The Foundation is a company limited by guarantee, incorporated on 8 February 2002 and registered as an English charity on 12 March 2002. The charity number is 1091043.

Subsidiary Companies and Overseas Branches

The Foundation has eleven directly or indirectly owned vehicles within its Group as at 31 December 2024 (2023: twelve) that have a mixture of purposes including to hold endowment investments and to help achieve the charitable objectives of the Foundation. For the period to 31 December 2024, the reported results of the subsidiary undertakings of CIFF are disclosed in the note 14. These results of the CIFF Group are consolidated and presented in the consolidated financial statements.

The Foundation has four overseas branches in India, Kenya, Ethiopia and China, the results of which are consolidated and presented in the consolidated financial statements.

The Board of Trustees

The members of the Board of Trustees are set out below. For the purposes of company law, the individuals listed are Directors of the Foundation and are appointed in accordance with the Foundation’s constitution. The Board of Trustees meets to review and update the Foundation’s strategy and areas of activity, including consideration of grant-making, investment, reserves and risk management policies and performance. The Trustees who were in office during the period and up to the date of signing the financial statements were:

Sir Christopher Hohn

Mr Ben Goldsmith Mr Masroor Siddiqui

Ms Ana Marshall

Mr Marko Lehtimaki

The Trustees are selected on the basis of their skills and expertise, particularly in the areas of business management. The Trustees determine the strategy and policies of the Foundation and monitor implementation and impact. The Trustees also serve as resources to the Foundation, sharing new and relevant research and projects, and directly supporting key aspects of operations.

All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 10 and 25 to the financial statements. Trustees are required to disclose all relevant interests and review the Board Members’ Register of Interests at each Board meeting. Trustees must register all relevant interests with the Company Secretary and, in accordance with the Foundation’s Articles of Association and its policy on conflicts of interest, withdraw from decisions where a conflict of interest arises.

The Foundation provides a formal induction programme for new Trustees and new committee members, including the provision of the Foundation’s key governance, policy and financial documents, relevant Charity Commission guidance and details of the organisational structure of the Foundation (including delegated authority levels).

Induction sessions are also arranged to explain the legal obligations of Trustees and committee members and provide briefings from senior operational personnel and professional advisors.

The Finance, Audit and Investment Committee

The Finance, Audit and Investment Committee was established in May 2006 and is constituted by not less than four members appointed by the Board, one of whom must be a Trustee. Other members with appropriate skills and expertise, who need not be Trustees, may be appointed to the Committee by the Board. The current trustee member is Masroor Siddiqui and the five independent members of the Committee are Emmanuel Roman (Chair), Kevin Davis, Richard Hayden, Jacob Schimmel and Ellen Shuman. CIFF’s Chief Executive Officer, Chief Administrative Officer, Chief Financial Officer and General Counsel are regular

Page 42

attendees of the Committee. The Finance, Audit and Investment Committee has delegated responsibility on behalf of the Board for advising the Trustees on audit, finance and investment matters. The Board reviewed and updated the terms of reference for the Finance, Audit and Investment Committee in December 2023.

Programme Investment Committee, Climate

The terms of reference of the Programme Investment Committee, Climate (“PIC Climate”) were approved in October 2015 and most recently updated in March 2023. The PIC Climate is constituted by at least three Trustees, the Foundation’s CEO and at least three (but no more than eight) independent advisers. During the year, the Trustees appointed a new independent adviser to PIC Climate. The PIC Climate has delegated responsibility on behalf of the Board for advising on grant-making activities in relation to the Foundation’s environmental objectives (advancing environmental protection or improvement, including preservation and conservation of the natural environment) and the promotion of sustainable development to mitigate climate change (“Climate Purposes”). The PIC Climate has decision making authority for grant proposals regarding Climate Purposes up to and including US$30 million.

Programme Investment Committee, Children

The terms of reference of the Programme Investment Committee, Children (“PIC Children”) were approved in August 2015 and most recently updated in March 2023. The PIC Children is constituted by at least three Trustees, the Foundation’s CEO and at least three (but no more than eight) independent advisers. During the year, the Trustees appointed two new independent advisers to PIC Climate. The PIC Children has delegated responsibility on behalf of the Board for advising on grant-making activities in relation to the Foundation’s non-Climate Purposes. The PIC Children has decision-making authority for grant proposals regarding non-Climate Purposes up to and including US$30 million.

CEO Delegated Authority

The Board has delegated to the CEO responsibility for receiving, considering and making decisions upon certain grant proposals up to and including US$1 million. In December 2024, the Board approved an increase to this delegation to US$1.5 million. The Terms of Reference for the CEO’s delegated authority were approved by the Board on 11 February 2014 and last amended on 3 December 2024. This authority was previously subject to a maximum aggregate limit of 10% of forecast multi-year value (“MYV”) of new programmes set out in the relevant financial year’s business plan but was updated in the last amendments to a limit of no more than US$35 million per year on average across two financial years from 2025-26.

Remuneration Committee

The Remuneration Committee was established in February 2015 and is constituted by at least two Trustees. The current Trustee members are Sir Christopher Hohn, Ana Marshall (Chair) and Marko Lehtimaki. The Remuneration Committee has delegated responsibility on behalf of the Board for determining and reviewing policy for executive remuneration, approving principles and policies of reward throughout the Foundation (including the design of any performance-related pay schemes operated by the Foundation) and determining the total individual remuneration package of the CEO (including annual bonus).

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Remuneration Report and Other Governance

The principles of the remuneration policy

We have a comprehensive reward strategy underpinned by reward principles, to ensure that our approach is aligned with, and embodies, our people strategy and organisational purpose, and that is flexible, adaptable and emphasises the full value of the offer at CIFF (total Reward). This enables us to recruit, motivate, incentivise and retain the best high performing talent, whilst ensuring fair pay practices and transparent career progression. Our salary bands are benchmarked on a bi-annual basis.

Remuneration of Key Management Personnel

Remuneration of Key Management Personnel
31 December 31	December 2023
2024 US$’000	US$’000
3,844 Executive Directors	3,389
93 Employer Pension Contributions Employer	81
National Insurance Contributions 392	329
Total Compensation 4,329	3,799

The Key Management Personnel of CIFF for the purposes of remuneration disclosure have been defined as the:

• The Board of Trustees (who are not remunerated in their capacity as Trustees but are reimbursed for expenses incurred, see Note 10 of the financial statements for details).

• The Executive Directors of the Foundation, who are responsible for the day to day running of the organisation.

The total remuneration to Key Management Personnel is summarised in the table above. Remuneration includes salaries, benefits in kind, bonuses and employer pension contributions.

Relationship with Other Charities

The Foundation is a co-founder and collaborator in a number of projects with a range of other UK and international donors, including, but not limited to foundations, government agencies and private individuals.

Political Contributions

The Foundation made no political donations or incurred any political expenditure during the year (2023: none). As a registered charity, the Foundation is required to remain politically impartial in its work and funding.

Subsequent Events

Details of subsequent events are disclosed in Note 27 of the financial statements.

Future Developments

CIFF will continue to focus on our core operating areas to support the charitable objectives of the Foundation.

Foundation Objectives and Public Benefit

The Foundation’s objectives, as stated in its governing document, are the general purposes of such charitable bodies or for such other purposes for the benefit of the community as shall be exclusively charitable as the Trustees may from time-to-time determine.

In setting the Foundation’s objectives and planning its activities, the Foundation’s Trustees have considered section 17 of the Charities Act 2011. In doing so they are satisfied that they have complied with their duty to have regard to the Public Benefit guidance published by the Charity Commission. The Foundation’s activities and achievements are outlined throughout this Trustees’ Report and we believe fully demonstrate that the Foundation is providing public benefit.

Charity Governance Code

CIFF applies the majority of the principles in the Charity Governance Code (the “Code”). In some cases, including trustee engagement, decision-making and evaluation of charity impact, CIFF is in many ways exceeding the best practice stated in the Code. Across the organisations, CIFF constantly works to improve its processes and controls in order to ensure the most efficient, effective and compliant allocation of its charitable resources.

Relevant Audit Information

CIFF believes that it has taken all steps necessary to make itself aware of any relevant audit information and has established that CIFF’s statutory auditor has been made aware of that information. In so far as it is aware, there is no relevant audit information of which the statutory auditor is unaware.

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Trustees' Responsibilities and Financial Statements

Statement of Trustees’ responsibilities in respect of the Trustees’ report and the financial statements

The Trustees (who are also directors of the Foundation for the purposes of company law) are responsible for preparing the Trustees' report which includes the strategic report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland as applied in accordance with the provisions of Companies Act 2006.

Under Company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources including its income and expenditure for that year. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• assess the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the Group or the Foundation or to cease operations, or have no realistic alternative but to do so.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation’s transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Foundation and to prevent and detect fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Foundation’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent Audit

The auditors, KPMG, have expressed their willingness to remain in office for a further year.

In approving this Trustees’ Annual Report, the Trustees are also approving the Strategic Report in their capacity as company directors.

On behalf of the Board Sir Christopher Hohn Chairman 22 May 2025

Page 45

Independent Auditor's Report to the Members of The Children’s Investment Fund Foundation (UK)

Page 46

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CHILDREN’S INVESTMENT FUND FOUNDATION (UK)

Report on the audit of the financial statements

Opinion

We have audited the financial statements of The Children's Investment Fund Foundation (‘the Foundation’) and its subsidiaries (collectively the ‘Group’) for the year ended 31 December 2024 set out on pages 50 to 89, which comprise the Consolidated Statement of Financial Activities, Consolidated Group and Foundation Balance Sheets, Consolidated Cash Flow Statement, and related notes, including the summary of significant accounting policies set out in note 2.

The financial reporting framework that has been applied in their preparation is UK Law and UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

In our opinion:

• the financial statements give a true and fair view of the state of the Group and Foundation’s affairs as at 31 December 2024 and of its incoming resources and application of resources including its income and expenditure for the year then ended;

• the financial statements have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and

• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with ethical requirements that are relevant to our audit of financial statements in the UK, including the Financial Reporting Council (FRC)’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or Foundation or to cease its operations, and as they have concluded that the Group and Foundation’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the trustee's conclusions, we considered the inherent risks to the Group’s business model and analysed how those risks might affect the Group’s financial resources or ability to continue operations over the going concern period.

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Group will continue in operation.

Detecting irregularities including fraud

We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understanding of the Group's industry, regulatory environment and other external factors and through inquiry with the trustees and management. In addition, our risk assessment procedures included: inquiring with the trustees and management as to the Group’s policies and procedures regarding compliance with laws and regulations and prevention and detection of fraud; inquiring whether the trustees have knowledge of any actual or suspected non-compliance with laws or regulations or alleged fraud; inspecting the Group’s regulatory and legal correspondence; and reading the Board and Finance committee minutes.

We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.

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The Group is subject to laws and regulations that directly affect the financial statements including companies and financial reporting legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supporting documentation when necessary.

The Group, is not subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements.

Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations to inquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of controls. On this audit we do not believe there is a fraud risk related to revenue recognition.

In response to risk of fraud, we also performed procedures including: identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation; evaluating the business purpose of significant unusual transactions; assessing significant accounting estimates for bias; and assessing the disclosures in the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The trustees are responsible for the other information presented in the Annual Report together with the financial statements. The other information comprises information included in the Founder’s Message, CEO’s Message, Trustees’ Report, Strategic Report, Trustees Responsibilities to the Financial Statements and the Group Information. The financial statements and our auditor’s report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.

Opinions on other matters prescribed by the Companies Act 2006

Based solely on our work on the other information undertaken during the course of the audit:

• we have not identified material misstatements in the trustees' report or the strategic report;

• in our opinion, the information given in the trustees’ report and the strategic report is consistent with the financial statements;

• in our opinion, the trustees’ report and the strategic report have been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

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Respective responsibilities and restrictions on use

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 45, the trustees are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud, other irregularities or error, and to issue an opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud, other irregularities or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Foundation’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Foundation’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Foundation and the Foundation’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Rio Howley Senior Statutory Auditor for and on behalf of KPMG, Statutory Auditor

1 Harbourmaster Place IFSC Dublin 1 D01 F6F5

23 May 2025

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THE CHILDREN’S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Income from Donations and legacies 3 Investments Total incoming resources Expenditure on Raising funds Charitable activities Total resources expended Net gains on investments Foreign Exchange losses Exchange differences on translating foreign currency operations Net Income/(expenditure) Transfers Net movement in funds Fund balances carried forward at 1 January 2024 Fund balances carried forward at 31 December 2024	Year ended Unrestricted Restricted Expendable 31 Dec 2024 Funds Funds Endowment Total Notes US$ ‘000 US$ ‘000 US$ ‘000 US$ ‘000
	and 21 160,000 58,635 - 218,635 4 3,101 - 82,391 85,492
	163,101 58,635 82,391 304,127
	4 (12,033) - - (12,033) 5 (582,452) (57,363) - (639,815)
	(594,485) (57,363) - (651,848)
	14 - - 637,440 637,440 14 (1,091) - - (1,091) - - 2,712 2,712
	(432,475) 1,272 722,543 291,340
	21 520,701 (200) (520,501) -
	88,226 1,072 202,042 291,340
	984,290 14,257 4,718,948 5,717,495 1,072,516 15,329 4,920,990 6,008,835

The consolidated Statement of Financial Activities ("SOFA") has been prepared on the basis that all activities are continuing. All gains and losses recognised in the year are included in the SOFA.

The accounting policies and the notes on pages 54 to 89 form part of the Consolidated Financial Statements.

Page 50

THE CHILDREN’S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Income from Donations and legacies 3 Investments Total incoming resources Expenditure on Raising funds Charitable activities Total resources expended Net gains on investments Foreign Exchange gains Exchange differences on translating foreign currency operations Net Income/(expenditure) Transfers Net movement in funds Fund balances carried forward at 1 January 2023 Fund balances carried forward at 31 December 2023	Year ended Unrestricted Restricted Expendable 31 Dec 2023 Funds Funds Endowment Total Notes US$ ‘000 US$ ‘000 US$ ‘000 US$ ‘000
	and 21 160,000 50,748 - 210,748 4 5,692 - 82,284 87,976
	165,692 50,748 82,284 298,724
	4 (12,071) - - (12,071) 5 (509,896) (39,357) - (549,253)
	(521,967) (39,357) - (561,324)
	14 - - 1,017,077 1,017,077 14 832 - - 832 - - 3,524 3,524
	(355,443) 11,391 1,102,885 758,833
	21 425,412 (5,361) (420,051) -
	69,969 6,030 682,834 758,833
	914,321 8,227 4,036,114 4,958,662 984,290 14,257 4,718,948 5,717,495

The consolidated Statement of Financial Activities ("SOFA") has been prepared on the basis that all activities are continuing. All gains and losses recognised in the year are included in the SOFA.

The accounting policies and the notes on pages 54 to 89 form part of the Consolidated Financial Statements.

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THE CHILDREN’S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED AND FOUNDATION BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024

		Group	Group	Foundation	Foundation
		31 Dec 2024	31 Dec 2023	31 Dec 2024	31 Dec 2023
	Notes	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000
Fixed Assets
Intangible assets	12	4,414	3,450	-	-
Tangible assets	13	6,428	7,865	502	796
Investments	14	6,141,986	5,889,987	6,356,509	6,309,877
of which loans		1,165,056	1,022,345	5,491,737	5,491,737
of which other investments		4,976,930	4,867,642	864,772	818,140
Total fixed assets		6,152,828	5,901,302	6,357,011	6,310,673
Current Assets
Debtors	17	19,796	27,294	1,531	1,494
Cash at bank and in hand	18	55,367	96,896	61,995	62,820
Cash pledged as collateral	18	32,068	34,719	-	-
Total current assets		107,231	158,909	63,526	64,314
Creditors:amounts falling due
within one year	19	(241,019)	(263,731)	(401,749)	(579,502)
Net current assets/(liabilities)		(133,788)	(104,822)	(338,223)	(515,188)
Total Assets less current liabilities		6,019,040	5,796,480	6,018,788	5,795,485
Creditors:amounts falling due
after one year	20	(10,205)	(78,985)	(10,083)	(75,800)
Net Assets		6,008,835	5,717,495	6,008,705	5,719,685
Total funds of the charity:
Expendable endowment fund	21/22	4,920,990	4,718,948	4,926,800	4,728,221
Restricted funds	21/22	15,329	14,257	9,389	7,174
Unrestricted funds:
Designated funds	21/22	1,072,516	984,290	1,072,516	984,290
Total charity funds		6,008,835	5,717,495	6,008,705	5,719,685

The financial statements on pages 50 to 89 were approved by the Trustees and authorised for issue on 22 May 2025, and signed on their behalf by:

Sir Christopher Hohn Chairman 22 May 2025

The accounting policies and the notes on pages 54 to 89 form part of the Consolidated Financial Statements.

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THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Net cash used in operating activities Cash fow from investing activities: Dividends received Interest received Rental income received Proceeds from the sale of: Investments Purchase of: Intangible assets Tangible fxed assets Investments Net cash used in investing activities Cash fows from fnancing activities Interest paid Net cash used in fnancing activities Change in cash and cash equivalents in the reporting year Cash and cash equivalents at the beginning of the reporting year Effect of exchange rate movements on cash and cash equivalents Cash and cash equivalents at the end of the reporting year	31 Dec 2024 31 Dec 2023 US$ ‘000 US$ ‘000
	(379,364) (374,104) 65,282 65,238 15,310 18,345 4,428 4,171 1,055,822 1,793,745 (964) (2,950) (48) (21) (803,408) (1,593,223)
	336,422 285,305
	(208) (399)
	(208) (399)
	(43,150) (89,198)
	96,896 181,738 1,621 4,356
	55,367 96,896

Reconciliation of incoming resources to net cash flows

Net gain for the reporting year (as per the statement of fnancial activities) Adjustments for: Net (gain) on investments Dividends income Foreign exchange movements Interest income on investments Interest expense Depreciation charges Decrease/(Increase) in debtors Decrease/(Increase) in cash pledged as collateral (Decrease) in creditors Net cash used in operating activities		31 Dec 2024 31 Dec 2023 US$ ‘000 US$ ‘000
		291,340 758,833 (504,413) (971,642) (65,754) (65,460) (1,621) (4,356) (15,310) (18,345) 424 551 1,485 1,483 3,542 (24,419) 2,651 (34,387) (91,708) (16,362) (379,364) (374,104)

The accounting policies and the notes on pages 54 to 89 form part of the Consolidated Financial Statements.

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Notes to the Consolidated Financial Statements

1. BASIS OF PREPARATION

a) Basis of accounting

The Consolidated Financial Statements have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of investments, and have been prepared in accordance with the Statement of Recommended Practice ("SORP") 'Accounting and Reporting by Charities' (published 2015), the Charities Act 2011, Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland ("FRS 102") and the requirements of the Companies Act 2006.

The Children's Investment Fund Foundation (UK) (the "Foundation") including its subsidiaries undertakings (the "Group") applied the recognition and measurement provisions of International Financial Reporting Standards ("IFRS") 9 'Financial Instruments' and the disclosure and presentation requirements of Sections 11 and 12 of FRS 102 to account for all of its financial instruments.

The Foundation is a public benefit entity and has adapted the Companies Act formats to reflect the Charities SORP and the nature of the Foundation’s activities.

The Foundation meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements.

The Trustees of the Foundation made an assessment of the Group’s ability to continue as a going concern and are satisfied that the Group has the resources to continue in business for the foreseeable future. Furthermore, the Trustees are not aware of any material uncertainties that may cast significant doubt upon the Group’s ability to continue as a going concern. Therefore, the financial statements are prepared on the going concern basis.

b) Functional currency and presentational currency

These financial statements are presented in United States Dollar (“US$”), which is the Group's functional currency. 'Functional currency' is the currency of the primary economic environment in which the Group operates. The Group's investments, grants and expenditures are denominated and paid mostly in US$. Accordingly, the Board has determined that the functional currency of the Group is United States Dollar. All amounts have been rounded to the nearest thousand, unless otherwise indicated and the terminology 'k' will be used to refer to thousands through the financial statements.

c) Basis of consolidation

The Consolidated Statements of Financial Activities ("SOFA"), Balance Sheets and Cash Flow Statements incorporate the results of The Children’s Investment Fund Foundation (UK) (the “Foundation”) and its subsidiary undertakings, Talos Capital Designated Activity Company (“Talos”), CIFF Capital UK LP ("CIFF Capital"), CIFF Investments LLP ("CIFF Inv"), CIFF Investments II Limited ("CIFF II"), CIFF Investments III LLP ("CIFF III"), CIFF IP Co Limited ("CIFF IP"), CIFF Water Limited ("CIFF Water"), CIFF General Partner Limited ("CIFF GP"), 86th Street Lender LLP ("86th LLP"), 11th Avenue Lender LLP ("11th LLP"), Chiswick Riverside LLP ("Chiswick") and CIFF 265 East 66 Limited ("CIFF 265"). The consolidated entity is referred to as the “Group”. No separate SOFA and Cash Flow Statement have been presented for the Foundation alone as permitted by Section 408 of the Companies Act 2006 and SORP. Intra-group balances are eliminated fully on consolidation. Where necessary, adjustments are made to the financial statements of subsidiaries to align the accounting policies used with those used by the Group.

2. ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated and separate Financial Statements are set out below in paragraphs (a) to (q). The policies have been consistently applied to all periods presented, unless otherwise stated.

a) Critical accounting estimates and judgements in applying accounting policies

In preparing the financial statements, the Group makes estimates and assumptions that affect the reported valuations of assets and liabilities within the financial year. Actual results may differ from those estimates. Estimates are continually evaluated and

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2. ACCOUNTING POLICIES - continued

based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions are explained in the respective accounting policy notes below and in Notes 14 and 15 for investments.

b) New and amended standards and interpretations

There have been no adoptions of new or amended standards effective 01 January 2024 that resulted in a significant impact to the Group's Financial Statements.

There are presently no new standards, amendments or interpretations to existing standards that are not yet effective that would be expected to have significant impact on the Group's Financial Statements.

c) Incoming resources

All incoming resources are accounted for when the Group is legally entitled to the income and the amount can be quantified with reasonable certainty.

Interest income earned on loan investments is recorded within ‘Net gains on investments' due to the loans being held at fair value. Interest income on cash balances is recorded in SOFA within ‘Income from investments'. Dividend income and expenses, when the underlying security is held directly by the Group, is recognised on ex-dividend date, net of foreign withholding taxes in SOFA within 'Income from investments'. Withholding tax is accounted for on an accruals basis. For those securities held via an intermediary, the dividends are accounted for when notified. Rental income earned from the investment property is recorded within 'Income from investments' on an accruals basis and is receivable monthly in advance.

Donations are recognised when the Group is legally entitled to the income and the amount can be quantified with reasonable accuracy.

d) Resources expended

Resources expended are accounted for on an accruals basis. Expenditure is allocated to either the sectoral charitable activity areas or cost categories. For expenditure incurred across the sectors, amounts are attributed to each area based on the granting activities undertaken during the financial period. Constructive obligations (including grants payable) are accounted for as liabilities where it is probable that there will be a transfer of economic benefits and the amount of the obligation can be reliably estimated and communicated to the recipient. Multi-year grants are subject to periodic reviews and conditionality such that the liability is recognised in most cases annually, when the criteria for recognising the liability are met.

Support costs, other than direct costs for each sectoral activity area and excluding any restricted expenditure, are re-allocated to each of the activities on the following basis, which is an estimate based on annual grant commitments levels, excluding Big Win Philanthropy commitments:

Philanthropy commitments:
	2024	2023
Climate	47.9%	41.7%
SRHR & Girl Capital	26.1%	28.4%
Health & Nutrition	22.7%	26.4%
Cross Cutting	3.3%	3.5%

Activities undertaken directly relate to expenditure incurred by the Foundation through direct service provision or work undertaken by the Foundation that contributes directly to the Foundation’s objectives.

Other sectoral teams that have continued to support the Foundation's activities, i.e. External Affairs, Evidence, Measurement & Evaluation, Organisation & Ecosystem Development, Equity, Gender, and Youth and Impact Investing are classified under Cross Cutting.

Expenditure incurred in relation to the Foundation’s restricted activities are costs specifically identifiable and relevant to the restrictions assigned to those activities and therefore can be allocated to the restricted funds.

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2. ACCOUNTING POLICIES - continued

e) Financial assets and liabilities

i.) Financial assets

Initial recognition and measurement

As per paragraphs 11.2 and 12.2 of FRS 102 the Group has elected to adopt the recognition and measurement requirements of IFRS 9.

Under IFRS 9 'Financial Instruments', financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income ("OCI"), or fair value through profit or loss ("FVPL"). Purchases and sales of investments are recognised on their trade date, which is the date on which the Foundation commits to purchase or sell the asset. Investments are initially recognised at fair value and transaction costs for such investments are expensed as incurred. Investments are de-recognised when the rights to receive cash flows from the investments have expired or the Foundation has transferred substantially all risks and rewards of ownership.

Subsequent to initial recognition, financial assets are measured at FVPL. Gains and losses arising from changes in the fair value of the investments category are included in the SOFA in the year in which they arise and are based on the First-In, First-Out

The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group’s business model for managing them.

The Group classifies its financial assets as subsequently measured at amortised cost or measured at FVPL on the basis of both:

• The Group’s business model for managing the financial assets

• The contractual cash flow characteristics of the financial asset

In accordance with IFRS 9, the Group classifies its financial assets at initial recognition into the categories discussed below.

Financial assets measured at amortised cost

A debt instrument is measured at amortised cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest ("SPPI"). The Group includes in this category short-term non-financing receivables including cash at bank and in hand, cash pledged as collateral and debtors.

Financial assets measured at fair value through profit or loss

A financial asset is measured at FVPL if:

• (a) Its contractual terms do not give rise to cash flows on specified dates that are SPPI on the principal amount outstanding; or

• (b) It is not held within a business model whose objective is either to collect contractual cash flows, or to both collect contractual cash flows and sell.

The Group includes in the FVPL category all investments in loans, concessionary loans, real estate loans (principal amount plus accrued interest receivable), listed equities, derivatives in an asset position, investment properties, private placement and investment funds.

Impairment of financial assets

The Group assesses on a forward looking basis the expected credit loss (“ECL”) associated with its financial assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For these financial assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Group classifies the following financial assets under amortised cost: cash at bank and in hand, cash pledged as collateral and debtors. Cash at bank and in hand and cash pledged as collateral comprise cash at banks and in hand, on demand and interest bearing deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value and their carrying amounts approximate amortised cost. The loss allowance is

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2. ACCOUNTING POLICIES - continued

based on lifetime expected credit losses. All material counterparties have an investment grade credit rating by Moody’s/S&P of A1/A+ or higher and there is no history of defaults/non-payment and all receivables’ balances are short term (<1 year).

The Group only holds receivables with no financing component and which have maturities of less than 12 months at amortised cost and therefore has adopted the simplified approach to ECLs. No ECL impairment allowance has been recorded against the Group's receivables during the year. The ECL is not relevant to financial assets at fair value through profit or loss and financial liabilities designated at fair value through profit or loss.

Derecognition of financial assets

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the SOFA under ‘Net gains on investments’. Any interest in such transferred financial assets that are created or retained by the Group is recognised as a separate asset or liability.

ii.) Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL and include loans and borrowings, payables, and derivatives in a liability position, as appropriate. All financial liabilities are recognised initially at fair value.

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost include all financial liabilities, other than those measured at FVPL. The Group includes in this category amounts due to brokers, grants, accruals, loan collateral and deferred income and other payables.

Financial liabilities measured at fair value through profit or loss

Financial liabilities at FVPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as at FVPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in SOFA in the year in which they arise and are based on the FIFO method. Financial liabilities designated upon initial recognition at FVPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.

f) Investments

Listed and unlisted securities

Securities listed or quoted on any securities exchange and regularly traded thereon are valued at fair value. The fair value of an investment is based on its quoted market price.

Unlisted securities or listed securities not regularly traded, or in respect of which no prices as described above are available, other than loans and receivables, will be valued at their fair value based on information provided by TCI Fund Management Limited's ("TCI FM" or the "Investment Manager") portfolio management team such as using the latest available redemption price for investment funds.

Because of their inherent uncertainty, estimated fair values may differ from the values that would have been used had a ready market for the securities existed.

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2. ACCOUNTING POLICIES - continued

Unfunded commitments

The Group may invest in loans and securities which incorporate a commitment that it will be obliged to pay at a future date if called upon by the counterparty. The timing and amounts of settlement of these potential obligations are uncertain at year end.

Due to these uncertainties the Group does not recognise these amounts as liabilities on its Consolidated Balance Sheet, however these amounts are disclosed as contingent commitments in Note 23.

Derivative contracts

Derivative contracts (“derivatives”) are recognised at fair value on the date on which the derivative is entered into and are subsequently re-measured at their fair value on an ongoing basis. Fair values are obtained from quoted market prices in active markets, including recent market transactions. Where quoted prices are not available the investments are valued using information provided by counterparties to the contracts.

All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. The best evidence of the fair value of a derivative at initial recognition is the transaction price (i.e. the fair value of the consideration given or received). Subsequent changes in the fair value of any derivative instrument are recognised immediately in the SOFA.

The Group enters into forward foreign exchange contracts. Forward foreign exchange contracts are fair valued on a daily basis using the forward contracted rate derived from readily available market data. When the contract is closed, the Group records realised gains/losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Forward foreign exchange contracts are fair valued using the forward contracted rate derived from readily available market data. As at 31 December 2024 the Group held forward foreign exchange contracts with an aggregate fair value and net asset position of US$98,721k (2023: net liability position of US$37,664k).

Investment funds

The Group invests in investment funds (“Investee Funds”) which are subject to the terms and conditions of the Investee Funds’ offering documentation. The investment in the Investee Funds are primarily valued based on the latest available redemption price of such units for the Investee Fund, as determined by the administrator of the Investee Fund. Where a readily ascertainable market valuation is not available, the Investee Funds are valued at cost less any expected losses (see Note 14) which is considered to be an approximation of fair value. When a share/unit is sold the Group recognises the realised gains/ (losses). Other changes in fair value of the Investee Funds are recorded as unrealised gains/(losses). At 31 December 2024, the Group held investment fund positions of US$198,017k (2023: US$107,057k).

Investment property

The Group invested in an investment property comprising wholly of UK-based freehold land and buildings leased to third parties. The Group’s policy is to include the investment property within investments at their fair value, which is usually equivalent to the open market value. The valuation function of the Investment Manager, in consultation with a committee comprising of senior management officers of an affiliate to the Investment Manager, determine the fair value of the investment held by the Group having regard for the cost price, recent transactions and using a variety of valuation techniques including discounted cash flows.

Leased assets

The annual rentals for operating leases are charged to the SOFA on a straight-line basis over the lease term.

Investments in subsidiaries

Investments in subsidiaries are held at cost, less impairment in the Foundation's Balance Sheet, which is considered to be an approximation of fair value, apart from the investment in CIFF Capital UK LP which is held at fair value.

Loans

The Group invests in Real Estate Loans which are accounted for on a fair value basis. Fair values are calculated with reference to discounted cash flow models on the expected future cash flows of each loan investment. The movements in the fair values are included within “Net gains on investments” in the SOFA. Please refer to Note 15 which details information surrounding the significant unobservable inputs of these loan investments.

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2. ACCOUNTING POLICIES - continued

Programme related investments

Programme related investments are a type of social investment and are made directly in pursuit of the Foundation's charitable purposes. The primary motivation for making a programme related investments is not for financial gain but to further our charitable objects. Programme related investments can generate some financial return, and the funding may or may not be provided on commercial terms. The current programme related investments portfolio consists of a number of fund and private placement investments which follow the respective investments accounting policy and as at 31 December 2024 amounted to US$8,006k (2023: US$9,713k).

The Foundation also classified concessionary loans as programme related investment as the primary purpose for this investment is to further the accomplishment of their charitable purposes through facilitating the success of a programme. The Foundation has elected to initially recognise and measure the loan at the amount paid with the repayments reflected in subsequent years. Concessionary loans for the year ended 31 December 2024 amounted to US$5,018k (2023: US$18k) and are presented within Programme Related investments throughout the notes to the accounts.

Mixed motive investments

Mixed motive investments are made in pursuit of the Foundation’s charitable purposes and financial gains. The current mixed motive investment portfolio consists of a number of fund investments which follow the investment policy. Mixed motive investments as at 31 December 2024 amounted to US$59,908k (2023: US$56,129k).

g) Foreign currency translation

Assets and liabilities denominated in foreign currencies are translated into US$ at the foreign currency spot rate of exchange at the balance sheet date. Transactions in foreign currencies are recorded at the foreign currency spot rates of exchange at the date of the transaction. Differences arising on settlement and translation of monetary items are recognised in the SOFA.

The year end rate prevailing on the balance sheet date was US$1 : £0.80 (2023: US$1 : £0.79). For consolidation purposes, the balance sheets of subsidiaries reported in Pound Sterling currency ("GBP" or "£") have been converted into US dollar at the foreign exchange rate as at 31 December 2024. For all GBP reported profit and loss accounts of subsidiaries, the average foreign exchange rate for the relevant period has been applied at USD rate of US$1 : £0.78(2023: US$1 : £0.80).

h) Intangible assets and amortisation

Intangible assets that are acquired and developed by the Group and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment loss.

Amortisation is calculated on a straight line basis so as to write off the cost of an asset over the estimated useful economic life of 10 years. The amortisation will commence once the intangible product's development is completed.

Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the SOFA as incurred.

i) Tangible fixed assets and depreciation

Tangible fixed assets are capitalised at cost. Depreciation is calculated on a straight line basis so as to write off the cost of an asset over the estimated useful economic life. The estimated useful economic lives of fixtures and fittings is 5 years and plant and machinery is 8 years.

Tangible fixed assets are reviewed annually for impairment. Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the Group expects to consume an asset’s future economic benefits.

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2. ACCOUNTING POLICIES - continued

j) Cash and cash equivalents

Cash and cash equivalents include amounts due from the Group’s counterparties on demand and interest bearing deposits with original maturities of less than 3 months.

k) Cash pledged as collateral

Cash pledged as collateral includes balances held at year end with the Group’s prime brokers and other counterparties. The use of these amounts is restricted based upon the Group’s contractual margin requirements with each broker at the year-end date.

l) Amounts due from/to brokers

Amounts due from brokers include cash from investments sold but which have not yet settled and cash for forward foreign exchange contracts closed but awaiting settlement. Amounts due to brokers include cash from investments purchased which have not yet settled and cash for forward foreign exchange contracts closed but awaiting settlement.

m) Debtors

Amounts due from debtors are measured at transaction price, less any impairment.

n) Creditors

Amounts due to creditors are measured at the transaction price.

o) Funds

Designated funds are the unrestricted funds that have been set aside for a particular purpose by the Trustees. Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objectives of the Foundation.

Restricted funds comprise those funds that can only be used for particular restricted purposes within the objectives of the Foundation. Restricted funds arise when the funds are specified as such by the donor or when funds are raised for particular restricted purposes.

The Expendable Endowment Fund represents those assets held by the Trustees principally in investments. Income on investments is accounted for within the Expendable Endowment Fund. When the Foundation is unable to meet its commitments from reserves of Unrestricted Funds, there would be a transfer from the Expendable Endowment to Unrestricted Funds to meet those commitments.

p) Taxation

The Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Foundation is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of the Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

q) Operating Leases

The investment property was leased to tenants under operating leases with rentals payable monthly. The Group has also entered into an operating lease for plant and machinery for US$nil consideration (2023: US$nil).

Although the Group is exposed to changes in the residual value at the end of the current leases, the Group typically enters into new operating leases and therefore will not immediately realise any reduction in residual value at the end of these leases. Expectations about the future residual values are reflected in the fair value of the properties.

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3. DONATIONS AND LEGACIES

The income of $218,635k (2023: $210,748k) includes unrestricted donations from TCI FM of $160,000k (2023: $162,144k), restricted donations received from TCI FM of $56,077k (2023: $45,587k), the CH Foundation of $2,456k (2023:nil), the Foreign, Commonwealth & Development Office (FCDO) of nil (2023: $3,017k) and Aurora Forealis of $102k (2023:nil).

4. INCOME FROM INVESTMENTS AND EXPENDITURE ON RAISING FUNDS

4 (a) Income from investments

The investment income arises from interest received on cash deposits, rental income from investment properties, and dividend income from equity securities within the portfolio held by the Group. The dividend income is recorded at ex-dividend date, gross of foreign withholding taxes. Withholding tax is recorded on an accruals basis. All rental income is derived from investment properties in the United Kingdom.

Dividend income Interest income Rental income	Group year ended Group year ended 31 December 2024 31 December 2023 US$ ’000 US$ ’000 65,754 65,460 15,310 18,345 4,428 4,171
	85,492 87,976

4 (b) Expenditure on raising funds

The expenditure on raising funds of US$12,033k (2023: US$12,071k) includes expenditure relating to managing subsidiaries that hold endowment investments including brokerage charges, intermediary fees and investment management fees.

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5. EXPENDITURE ON CHARITABLE ACTIVITIES

	Grant Funding	Grant Funding		Activities	Support	Total Charitable
	of Activities		Undertaken Directly		Cost	Activities
		2024(1)		2024(2)	2024(3)	2024
		US$ ‘000		US$ ‘000	US$ ‘000	US$ ‘000
Climate		279,685		1,692	22,336	303,713
SRHR & Girl Capital		152,203		813	12,311	165,327
Health & Nutrition		132,280		484	7,176	139,940
Cross Cutting(4)		19,470		3,547	7,818	30,835
		583,638		6,536	49,641	639,815
	Grant Funding			Activities	Support	Total Charitable
	of Activities		Undertaken Directly		Cost	Activities
		2023(1)		2023(2)	2023(3)	2023
		US$ ‘000		US$ ‘000	US$ ‘000	US$ ‘000
Climate		208,303		1,113	18,141	227,557
SRHR & Girl Capital		142,174		533	11,490	154,197
Health & Nutrition		132,035		704	7,361	140,100
Cross Cutting(4)		17,502		2,309	7,588	27,399
		500,014		4,659	44,580	549,253

(1) See note 7

(2) See note 6

(3) See note 8

(4) The Group and Foundation's activities including External Affairs, Evidence, Measurement & Evaluation, Organisation & Ecosystem Development, Equity, Gender, and Youth and Impact Investing are classified under Cross Cutting.

6. ACTIVITIES UNDERTAKEN DIRECTLY

The direct expenditure of US$6,536k (2023: US$4,659k) on charitable activities was mainly to further the Foundation's mission; organising convenings and conferences; providing technical assistance and training to grantees and other charitable organisations; and publishing and disseminating reports on research findings.

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7. GRANT FUNDING OF ACTIVITIES

Group and Foundation 2024		SRHR & Girl	Health &	Cross
	Climate	Capital	Nutrition	Cutting	Total
	US$ ‘000	US$ '000	US$ '000	US$ '000	US$ ‘000
Grantees receiving charitable grants
African Climate Foundation	10,919	-	-	-	10,919
C40 Cities climate Leadership Group Inc.	6,086	-	-	-	6,086
CDP	5,989	-	-	200	6,189
clientEarth	9,708	-	-	-	9,708
Climate Arc	8,774	-	-	-	8,774
Climate Lead	7,167	-	-	-	7,167
END Fund	-	-	23,377	-	23,377
Energy Foundation China	15,040	-	-	-	15,040
European Climate Foundation	31,697	-	-	-	31,697
Foundation for International Law for the Environment	34,758	-	-	-	34,758
Global Impact	-	-	15,000	-	15,000
Instituto Clima e Sociedade	5,875	-	-	-	5,875
Meliore	26,299	-	-	692	26,991
MSI Reproductive Choices	-	9,017	-	300	9,317
PATH	-	3,443	3,868	-	7,311
Pfzer	-	11,470	-	-	11,470
Piramal Foundation USA	-	6,499	641	-	7,140
PSI	-	22,406	-	-	22,406
Rockefeller Philanthropy Advisors, Inc	10,494	1,250	-	1,000	12,744
Shining Hope For Communities	-	11,271	430	-	11,701
Sightsavers	-	-	10,500	-	10,500
Tara Climate Foundation	7,270	-	-	-	7,270
The Carter Center	-	-	6,000	-	6,000
Triggerise	-	25,318	-	213	25,531
United Nations Children's Fund	-	-	14,242	-	14,242
United Nations Population Fund	-	10,441	-	-	10,441
William Marsh Rice University	-	-	6,000	-	6,000
World Health Organisation	-	6,355	2,506	-	8,861
World Resources Institute	6,100	-	-	-	6,100
(1)Other Grantees	93,509	44,733	49,716	17,065	205,023
Total charitable grants	279,685	152,203	132,280	19,470	583,638

(1) The grants included within ‘Other grantees’ for 2024 totalled less than US$5.8m (2023: US$5.0m) in value for each organisation.

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7. GRANT FUNDING OF ACTIVITIES – continued

Group and Foundation 2023		SRHR & Girl	Health &	Cross
	Climate	Capital	Nutrition	Cutting	Total
	US$ ‘000	US$ '000	US$ '000	US$ '000	US$ ‘000
Grantees receiving charitable grants
APCON Enterprises Limited	-	-	6,002	-	6,002
C40 Cities Climate Leadership Group Inc.	9,400	-	-	-	9,400
CAMFED International	-	14,500	-	-	14,500
Clean Air Fund	10,660	-	-	-	10,660
clientEarth	6,118	-	-	-	6,118
Dr. Reddy's Formulations Limited	-	15,800	-	-	15,800
END Fund	-	-	11,151	-	11,151
Energy Foundation China	12,990	-	-	-	12,990
European Climate Foundation	19,505	-	-	-	19,505
Food For Education	-	-	11,063	-	11,063
Foundation for International Law for the Environment	13,448	-	-	-	13,448
Global Fund to fght AIDS, Tuberculosis and Malaria	-	13,950	-	-	13,950
Instituto Clima e Sociedade	8,818	-	-	-	8,818
IPE Global Limited	-	1,864	3,718	-	5,582
Living Goods	-	-	7,405	-	7,405
Meliore	11,811	-	-	-	11,811
MSI Reproductive Choices	-	11,880	-	-	11,880
Orbis	-	-	6,693	-	6,693
PATH	-	4,362	1,544	-	5,906
Pfzer	-	6,770	-	-	6,770
PSI	-	8,448	-	-	8,448
Rockefeller Philanthropy Advisors, Inc	19,495	-	-	190	19,685
Tara Climate Foundation	7,730	-	-	-	7,730
The Sunrise Project	8,750	-	-	-	8,750
The World Bank Group	-	10,000	-	-	10,000
Triggerise	-	13,136	-	-	13,136
United Nations Children's Fund	-	2,406	21,511	-	23,917
United Nations Population Fund	-	5,125	-	-	5,125
William Marsh Rice University	-	-	11,625	-	11,625
World Resources Institute	9,957	-	-	-	9,957
World Vision Ethiopia	-	-	9,687	-	9,687
(1)Other Grantees	69,621	33,933	41,636	17,312	162,502
Total charitable grants	208,303	142,174	132,035	17,502	500,014

(1) The grants included within ‘Other grantees’ for 2024 totalled less than US$5.8m (2023: US$5.0m) in value for each organisation.

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8. ALLOCATION OF SUPPORT COSTS

Support costs Staff costs (Note 10) Offce expenses Governance costs (Note 9) Travel and subsistence Consultancy and contractor costs Total support costs allocated to charitable activities Support costs Staff costs (Note 10) Offce expenses Governance costs (Note 9) Travel and subsistence Consultancy and contractor costs Total support costs allocated to charitable activities 2024 2023	Climate US$ ‘000 Health & Nutrition US$ '000 Cross Cutting US$ '000 Total US$ ‘000 SRHR & Girl Capital US$ '000
	15,543 8,715 4,637 6,449 35,344 3,253 1,759 1,527 229 6,768 388 211 184 27 810 1,484 861 400 488 3,233 1,668 765 428 625 3,486
	22,336 12,311 7,176 7,818 49,641
	Climate US$ ‘000 Health & Nutrition US$ '000 Cross Cutting US$ '000 Total US$ ‘000 SRHR & Girl Capital US$ '000
	12,617 7,954 4,664 6,464 31,699 2,605 1,770 1,636 228 6,239 207 141 131 17 496 1,225 811 503 604 3,143 1,487 814 427 275 3,003
	18,141 11,490 7,361 7,588 44,580

The allocation method of support costs has been discussed in Note 2(d).

9. GOVERNANCE COSTS

Auditors' remuneration Legal fees Professional fees	Group year ended Group year ended 31 December 2024 31 December 2023 US$ ‘000 US$ ‘000
	300 304 419 118 91 74
	810 496

The auditors’ remuneration, for the year ended 31 December 2024 is split between KPMG US$253k (2023: US$247k), S.P. Nagrath (India liaison office auditors) US$13k (2023: US$13k), Mazars (China office auditors) US$9k (2023: US$9k), Tay Auditors (Ethiopia office auditors) US$7k (2023: MSE Audit Partnership US$11k) and PKF (Kenya office auditors) US$18k (2023: US$24k). In 2024, PKF also provided tax advisory services of US$16k (2023: US$16k) and accountancy services of US$5k (2023: US$13k). No other assurance, tax advisory or finance services were provided by auditors during the year (2023: US$nil).

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10. STAFF COSTS

10. STAFF COSTS
Wages and salaries Social security costs Other pension costs Other staff costs Total staff costs	Group and Foundation Group and Foundation year ended year ended 31 December 2024 31 December 2023 US$ ‘000 US$ ‘000
	29,211 26,134 2,403 2,061 1,235 1,225
	32,849 29,420 2,495 2,279
	35,344 31,699

The average monthly number of employees (based on the 12 month period) who were employed during the year totalled: 225 (2023: 211). The staff numbers were split between direct activities: 174 (2023: 168) and indirect support: 51 (2023: 43). The number of employees of the Group and Foundation whose remuneration paid in the financial year fell within the following bands were:

Total Remuneration Bandings $71k - $85k $85k - $99k $99k - $113k $113k - $127k $127k - $141k $141k - $155k $155k - $169k $169k - $183k $183k - $197k $197k - $211k $211k - $225k $225k - $239k $239k - $254k $254k - $268k $268k - $282k $282k - $296k $296k - $310k $310k - $324k $324k - $338k $352k - $366k $380k - $394k $394k - $408k $423k - $437k $465k - $479k $493k - $507k $507k - $521k $535k - $549k $549k - $563k $577k - $591k $633k - $647k

Group and Group and Foundation 2024 Foundation 2023

24 26 22 13 12 14 14 17 19 12 9 9 5 6 4 6 3 4 6 5 7 3 3 5 3 1 1 1 1 1 1 2 1 - - 1 1 1 - 2 2 - 1 - 1 - - 1 1 - - 2 1 - 1 - - 1 1 -

Charity SORP requires disclosure of the number of employees whose total employee benefit (excluding employer pension costs) exceeded GBP60k during the reporting period split in bands of GBP10k. CIFF use a functional and presentational currency of USD therefore a threshold of $71k and bandings of $14k have been used, which materially translate to the GBP SORP requirements. Salaries include benefits in kind and are paid in a number of currencies including GBP, which has been translated at the average rate of US$1:£0.78 (2023:US$1:£0.80).

The employer contributions in the year for the provision of a defined contribution pension scheme to employees of the Foundation were US$1,235k (2023: US$1,225k). The number of staff who were members of the scheme was 244 (2023: 233).

The Trustees did not receive any remuneration for their services during the year (2023: US$nil). Two Trustees received travel expenses reimbursement during the year of $33k (2023: US$nil).

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10. STAFF COSTS – continued

FF COSTS – continued
Executive Directors Employer Pension Contributions Employer National Insurance Contributions Total Compensation Remuneration of Key Management Personnel	31 December 2024 31 December 2023 US$’000 US$’000
	3,844 3,389 93 81 392 329
	4,329 3,799

The Key Management Personnel of the Foundation have been defined as the:

• The Board of Trustees (who are not remunerated in their capacity as Trustees);

• The Executive Directors of the Foundation, who are responsible for the day to day running of the organisation.

The total remuneration to Key Management Personnel is summarised in the table above. Remuneration includes salaries, benefits in kind, bonuses and employer pension contributions.

11. TAXATION

The Group Companies, CIFF Capital, CIFF Inv, CIFF II, CIFF III, CIFF IP, CIFF GP, CIFF Water, 86th LLP, 11th LLP, Chiswick and CIFF 265 did not realise any taxable profit in this financial year, therefore have no tax liability. The subsidiary company, Talos, incurred US$6k (2023: US$5k) of Irish corporation tax and US$nil of withholding tax (2023: US$nil).

12. INTANGIBLE ASSETS

Cost brought forward Additions during the year At year end Amortisation brought forward Charge for the year At year end Net book value At year end Group	31 December 2023 US$ ‘000 31 December 2024 US$ ‘000
	3,450 500 964 2,950
	4,414 3,450
	- - - -
	- -
	4,414 3,450

The intangible asset continues to be under development and testing during 2024. As per FRS 102, no amortisation is recorded as the intangible asset is not ready for its intended use.

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13. TANGIBLE FIXED ASSETS

Cost brought forward Additions during the year At year end Depreciation brought forward Charge for the year At year end Net book value At year end Group	Machinery 31 December 2024 US$' 000 Fixtures and Fittings 31 December 2024 US$' 000 Total 31 December 2024 US$' 000 Total 31 December 2023 US$' 000
	9,148 3,053 12,201 12,180 - 48 48 21
	9,148 3,101 12,249 12,201
	2,079 2,257 4,336 2,853 1,143 342 1,485 1,483
	3,222 2,599 5,821 4,336
	5,926 502 6,428 7,865

Cost brought forward Additions during the year At year end Depreciation brought forward Charge for the year At year end Net book value At year end Foundation	Fixtures and Fittings 31 December 2023 US$' 000 Fixtures and Fittings 31 December 2024 US$' 000
	3,053 3,032 48 21
	3,101 3,053
	2,257 1,918 342 339
	2,599 2,257
	502 796

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14. INVESTMENTS

Group Investments

The tables below present the Group investments asset and liability composition:

Equities Investment funds 14(d) Investment properties 14(f) Mixed motive investments 14(c) Programme related investments 14(b) Forward foreign exchange contracts Loans and receivables Total Financial Assets Forward foreign exchange contracts 19 Total Financial Liabilities Realised gains/(losses) on fnancial assets and liabilities Unrealised gains/(losses) on fnancial assets and liabilities Foreign exchange gains/(losses) on fnancial assets and liabilities Total gains/(losses) recognised in relation to fnancial assets and Group Financial Assets Group Financial Liabilities Gains/(losses) recognised in relation to fnancial assets and liabilities at fair value through the SOFA Notes Notes	Notes	31 December 2023 US$ '000 31 December 2024 US$ '000
	14(d) 14(f) 14(c) 14(b) Notes	4,546,010 4,623,551 198,017 107,057 61,250 62,025 59,908 56,129 13,024 9,713 98,721 9,167
		4,976,930 4,867,642
		1,165,056 1,022,345
		6,141,986 5,889,987
		31 December 2023 US$ '000 31 December 2024 US$ '000
		44 46,834
		44 46,834
		Year ended 31 December 2023 US$ '000 Year ended 31 December 2024 US$ '000
		380,934 252,652 256,506 764,425 637,440 1,017,077 (1,091) 832 636,349 1,017,909

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14. INVESTMENTS – continued

The table below presents the movement of the Group financial assets from the 31st of December 2023 to the 31st of December 2024:

UK Overseas Total unquoted UK Overseas Total quoted Total Group	Fair value at 31/12/23 US$ ‘000 Additions US$ ‘000 Disposals US$ ‘000 Investment gains/(losses) US$ ‘000 Fair value at 31/12/24 US$ ‘000 Cost at 31/12/24 US$ ‘000
	301,602 75,226 (36,447) 19,138 359,519 370,481 955,677 480,159 (321,617) 23,529 1,137,748 1,349,678
	1,257,279 555,385 (358,064) 42,667 1,497,267 1,720,159
	- - - - - - 4,632,708 248,023 (697,758) 461,746 4,644,719 3,556,034
	4,632,708 248,023 (697,758) 461,746 4,644,719 3,556,034
	5,889,987 803,408 (1,055,822) 504,413 6,141,986 5,276,193 (1)

(1) The difference between total gains above of US$504,413k and the SOFA gains of US$636,349k, (sum of net gains on investments of US$637,440k and foreign exchange losses of US$1,091k) is due to the realised and unrealised gain on short forward foreign exchange contracts of US$59,327k which are disclosed within creditors: amounts falling due within one year, interest on loans of US$72,609k and foreign exchange movements on the cash balances held by the Group throughout the year as well as gains and losses incurred through the foreign exchange overlay.

The table below presents the movement of the Group financial assets from the 31st of December 2022 to the 31st of December 2023:

UK Overseas Total unquoted UK Overseas Total quoted Total Group	Fair value at 31/12/22 US$ ‘000 Additions US$ ‘000 Disposals US$ ‘000 Investment gains/(losses) US$ ‘000 Fair value at 31/12/23 US$ ‘000 Cost at 31/12/23 US$ ‘000
	287,387 222,777 (210,660) 2,098 301,602 300,300 845,144 343,015 (254,709) 22,227 955,677 1,192,219
	1,132,531 565,792 (465,369) 24,325 1,257,279 1,492,519
	- - - - - - 3,986,336 1,027,431 (1,328,376) 947,317 4,632,708 3,812,783
	3,986,336 1,027,431 (1,328,376) 947,317 4,632,708 3,812,783
	5,118,867 1,593,223 (1,793,745) 971,642 5,889,987 5,305,302 (1)

(1) The difference between total gains above of US$971,642k and the SOFA gain of US$1,017,909k, (sum of net gains on investments of US$1,017,077k and foreign exchange gains of US$832k) is due to the realised and unrealised gain short forward foreign exchange contracts, equity swaps and equities of US$29,775k which are disclosed within creditors: amounts falling due within one year, interest on loans of US$76,042k and foreign exchange movements on the cash balances held by the Group throughout the period as well as gains and losses incurred through the Foreign exchange overlay.

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Foundation Investments

The table below presents the Foundation's investment composition:

Investment in subsidiaries Programme related investments Mixed motive investments Loan to subsidiary Investment funds Total Financial Assets	31 December 2024 US$ '000 31 December 2023 US$ '000 Note
	14(a) 791,794 752,286 14(b) 13,024 9,713 14(c) 59,908 56,129 14(e) 5,491,737 5,491,737 14(d) 46 12
	6,356,509 6,309,877

Foundation – Investments Held at Fair Value

The table below presents the movement of the Foundation’s investments held at fair value from the 31st of December 2023 to the 31st of December 2024:

UK Overseas Total	Fair value at 31/12/23 US$ '000 Additions US$ '000 Disposals US$ '000 Investment gains/(losses) US$ '000 Cost at 31/12/24 US$ '000 Fair value at 31/12/24 US$ '000
	6,233,116 - (673,342) 714,473 6,274,247 5,564,914 65,854 9,682 (574) (1,984) 72,978 172,344
	6,298,970 9,682 (673,916) 712,489 6,347,225 5,735,712

The table below presents the movement of the Foundation’s investments held at fair value from the 31st of December 2022 to the 31st of December 2023:

UK Overseas Total	Fair value at 31/12/22 US$ '000 Additions US$ '000 Disposals US$ '000 Investment gains/(losses) US$ '000 Fair value at 31/12/23 US$ '000 Cost at 31/12/23 US$ '000
	5,142,992 - - 1,090,124 6,233,116 5,564,914 58,500 6,763 (741) 1,332 65,854 163,776
	5,201,492 6,763 (741) 1,091,456 6,298,970 5,727,235

Foundation - Investments Held at Cost

The table below presents the movement of the Foundation’s investments held at cost from the 31st of December 2023 to the 31st of December 2024:

UK Total	10,907 1,724 - (3,347) 9,284 Cost at 31/12/23 US$ '000 Additions US$ '000 Impairment US$ '000 Disposals US$ '000 Cost at 31/12/24 US$ '000
	10,907 1,724 - (3,347) 9,284

The table below presents the movement of the Foundation’s investments held at cost from the 31st of December 2022 to the 31st of December 2023:

UK Total	9,389 1,518 (22) - 10,907 Cost at 31/12/22 US$ '000 Additions US$ '000 Impairment US$ '000 Disposals US$ '000 Cost at 31/12/23 US$ '000
	9,389 1,518 (22) - 10,907

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14. INVESTMENTS – continued

14 (a) Investments in subsidiaries

The table below details the investments held by the Foundation in its subsidiaries:

Entity Incorporated in % Holding Purpose	Proft/(loss) US$ '000
	2024 2023
Talos Capital Designated Activity Company ("Talos") Ireland 100 (1) CIFF Capital UK LP (''CIFF Capital'') England & Wales 100 (2) CIFF Investments LLP (''CIFF Inv'') England & Wales 100* (3) CIFF IP Co Limited (''CIFF IP'') England & Wales 100 (4) CIFF Investments II Limited ("CIFF II") England & Wales 100 (5) CIFF Investments III LLP ("CIFF III") England & Wales 100 (6) CIFF General Partner Limited (“CIFF GP”) England & Wales 100 (7) CIFF Water Limited ("CIFF Water") England & Wales 100 (8) 86thStreet Lender LLP ("86th LLP") England & Wales 100 (9) 11thAvenue Lender LLP ("11th LLP") England & Wales 100 (10) Chiswick Riverside LLP ("Chiswick") England & Wales 98 (11) CIFF 265 East 66 Limited ("CIFF 265") England & Wales 100* (12)	9 13 710,786 1,091,518 49,455 45,359 (18) (341) (4,594) (7,964) - - - - (1,163) (1,170) 372 1,128 - 25 4,361 (423) (29) (13)

• In liquidation

• ** Indirect holdings *** Economic entitlement only

• (1) Talos holds an underlying investment portfolio on trust for CIFF Capital that is managed to provide the Foundation with an investment return. At 31 December 2024, its total assets amounted to US$32,212k (2023: US$32,209k), total liabilities amounted to US$32,164k (2023: US$32,170k), and net assets amounted to US$48k (2023: US$39k).

• (2) CIFF Capital (Limited Partnership Number LP019223) was formed by limited partnership deed between the Foundation, TCI General Partner Limited and TCI Fund Management Limited. It has been established to hold investment assets for the Foundation. At 31 December 2024, its total assets amounted to US$6,058,598k (2023: US$5,814,217k), total liabilities amounted to US$64,083k (2023: US$59,649k) and net assets amounted to US$5,994,515k (2023: net asset of US$5,754,568k).

• (3) CIFF Inv is a limited liability partnership between CIFF Capital and CIFF II that hold certain assets from the investment portfolio.

• (4) CIFF IP holds licenses to intellectual property rights in support of the charitable activities of the Foundation.

• (5) CIFF II holds certain assets from the investment portfolio. CIFF Inv is also a non-participating member in CIFF Inv, CIFF III, 86th LLP and 11th LLP.

• (6) CIFF III is a limited liability partnership between CIFF Capital and CIFF II to hold assets from the investment portfolio. In August 2022, it was placed into dissolution, and on 2 January 2024, it was dissolved.

• (7) CIFF GP is a wholly owned limited company of the Foundation and the general partner of CIFF Capital.

• (8) CIFF Water Limited is wholly owned subsidiary of the Foundation. The principal activity of CIFF Water is to purchase and lease assets to support charitable activities.

• (9) 86[th] LLP is a limited liability partnership between CIFF Capital and CIFF II. On 10 March 2022, 86th LLP disposed of its sole privately placed loan investment, and as at 31 December 2024 retains an outstanding claim against the Guarantors of the loan and therefore remains a going concern.

• (10) 11[th] Ave is a limited liability partnership between CIFF Capital and CIFF II which previously held an interest in an endowment asset from CIFF Capital that was disposed of in 2021. In 2024, 11[th] LLP was named in a legal action along with a number of other defendants. This legal action was dismissed in March 2025. The dissolution of 11[th] LLP commenced in October 2023.

• (11) Chiswick is a limited liability partnership between the Foundation and The CH Foundation (UK) and holds UK investment property.

• (12) CIFF 265 is a private company with limited liability incorporated in England and Wales on 1 February 2023.

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14. INVESTMENTS – continued

14 (b) Programme Related Investments

The Foundation classified these investments as a Programme related investments ("PRI"), as the primary motivation for making the investment is not financial, but to further the objects of the Foundation. These investments support the charitable objectives of the Foundation.

The Foundation invested US$nil (2023: US$0.1m) in PRI funds during the year. The Foundation committed US$23.8m, of which US$0.2m (2023: US$0.2m) remains outstanding to be drawn down as at 31 December 2024.

In 2024, the Foundation committed to loan US$5,000k to a non-profit organisation to assist funding for a charitable programme which is aligned to the charitable objectives of the Foundation. The total loan is contracted at 4% interest rate but may reduce subject to performance related conditions, and US$nil (2023: US$nil) remains outstanding to be drawn as at 31 December 2024. The loan will be repaid during 2029. There is no accrued interest and impairment recorded as at 31 December 2024.

14 (c) Mixed Motive Investments

The Foundation classified these investments as a Mixed Motive Investments ("MMI"), as the investments furthers CIFF's charitable aims as well as anticipate financial returns. In accordance with CC14 (Charities and investment matters: a guide for trustees), the Foundation considered the level of private benefit to third parties created by investing to be reasonable and appropriate.

The Foundation invested US$3.8m (2023: US$10.6m) towards MMI funds. The Foundation invests in early-stage companies that have the potential and the high-level ability to address global health challenges along with climate and food and nutrition issues which are consistent with the charity's objectives. The Foundation committed US$76.0m (2023: US$76.0m) towards mixed motive investments, of which US$18.1m (2023: US$21.9m) remains outstanding to be drawn down as at 31 December 2024.

14 (d) Investment Funds

As at 31 December 2024, unquoted investments of US$198,017k (2023: US$107,057k) included an investment fund investing in developing properties in India, which was written down to US$nil during 2022. The properties are being constructed for sale.

Where the underlying assets are under construction, the fair value of the investment cannot be reliably determined, the directors are required to make their best estimate of the fair value. Where sufficient progress has been made such that a readily ascertainable market value can be obtained for the underlying assets, the investment fund is valued at fair value. Fair value is determined using a combination of valuation methodologies, including comparable precedent transactions and discounted cash flows. Key sensitivities include timing of future cash flows and the discount rate used to determine the net present value of future cash flows.

Unquoted investments also comprised US$46k (2023: US$12k) of investments in underlying assets held with an unquoted investment fund. The investments are held at market value based on the valuation report supplied by the investment fund as at 31 December 2024 with any gains and losses being taken to the SOFA.

14 (e) Loans to subsidiary

The Foundation holds a loan US$5.49 billion (2023: US$5.49 billion) to CIFF Capital. The Foundation is the sole limited partner of CIFF Capital and is the only partner entitled to any return from, or share in the investment assets of CIFF Capital. The loan is at nil interest rate and has no end date.

14 (f) Investment Properties

A valuation of the investment property by an independent third party will be carried out at least once every three years. As at 31 December 2024, no independent valuer was engaged and the Foundation believe that the book value does not differ substantially from the fair value of the investment property, based on confirmation from the Investment Manager that the key methods, assumptions and data underpinning the valuation inputs have been reviewed and challenged. As at 31 December 2023, following the revaluation of the investment property by an independent valuer, an unrealised loss of US$5,375k was recognised in the statement of financial activities.

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15. KEY INVESTMENTS AND UNCERTAINTIES

For Investments in the Group held at fair value, the Group note there may be unobserveable inputs in the valuation of these investments outlined below.

The following table presents additional information about valuation techniques and significant unobservable inputs used for unlisted assets and liabilities, which are measured at fair value, as at 31 December 2024 and as at 31 December 2023:

31 December 2024

31 December 2024
				Range of
				estimated	Sensitivity to
				(weighted	changes in
		Fair value at		average) for	signifcant
	Valuation	31 December 2024	Signifcant	unobservable	unobservable
Asset category	method	US$ '000	unobservable input	input	input
					An increase
					in the discount rate
	Discounted			8.12% to	would result in a
Loans	cash fow	1,165,056	Discount rate	16.92%	lower fair value
					A signifcant increase
					in the discount rate
					of underlying loan
					investments would
					result in a lower net
Investment Funds	Net asset value	198,017	n/a	n/a	asset value
31 December 2023				Range of
				estimated	Sensitivity
				(weighted	to changes
		Fair value at		average) for	in signifcant
	Valuation	31 December 2023	Signifcant	unobservable	unobservable
Asset category	method	US$ '000	unobservable input	input	input
					An increase in
					the discount rate
	Discounted			6.97% to	would result in a
Loans	cash fow	1,022,345	Discount rate	32.19%	lower fair value
					A signifcant increase
					in the discount rate
					of underlying loan
					investments would
					result in a lower net
Investment Funds	Net asset value	107,045	n/a	n/a	asset value

When determining fair value, the Group uses valuation techniques that maximise the use of observable inputs and minimise the use of unobservable inputs. The valuation techniques used by the Group to determine the fair value are considered to be an income approach.

The income approach provides an estimation of the fair value of an investment based on expectations about the cash flows that the investment would generate over time. The Group used the yield calibration method to derive the discount rates of the loan investments. In applying the Yield calibration method, discount rate is determined by first estimating the implied yield-to-maturity, yield-to-exit, or yield-to-worst as of the latest date where the loan investment was involved in an arm’s length transaction (the “Transaction Date”). The yield as of the Transaction Date provides an observable measurement of compensation a market participant requires to hold a security. Qualifying transactions often consist of: (1) the initial primary market transaction, (2) secondary transactions and (3) amendments where the investment was re-priced. In addition, inputs used under the yield calibration method include assessment of the credit spread of comparable securities and indices and changes in credit quality of the borrower as at 31 December 2023 and 2024. Although the Group believes that its estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value.

Although the Group believes that its estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. The Group believes that use of different methodologies or assumptions in determining the fair value of the above financial instruments would result to immaterial changes in fair value.

The Group's reporting systems and the nature of the instruments and the valuation models do not allow it to accurately analyse the total annual amounts of gains/losses that are attributable to observable and unobservable inputs.

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16. FINANCIAL RISK MANAGEMENT

Principles of Risk Management

The Group’s investment programme seeks to maximise the returns derived for the level of risk to which the Group is exposed and seeks to minimise potential adverse effects on the Group’s financial performance (the “Investment Programme”).

The Group has appointed an Investment Manager to provide investment management services in relation to the portfolio of investments it holds. These services, as part of the investment management agreement (the "Investment Management Agreement"), include monitoring and managing the risks associated with holding such investments through the application of the Investment Programme as agreed with the Foundation's Trustees.

The Group's Investment Programme seeks to diversify its investments across a range of asset classes, industry sectors, and counterparties, and also to limit the use of leverage and off balance sheet commitments.

All investments present a risk of loss of capital. The maximum loss of capital on long equity and debt securities is limited to the fair value of those positions. The maximum loss of capital on investments carried at amortised cost is the carrying value of those investments as well as any associated accrued interest receivable. The maximum loss of capital on written put options, equity swaps and forward foreign exchange contracts is limited to the notional contract values of those positions. For loans and securities which incorporate a future commitment there is a risk of loss of capital in excess of the carrying amount of those positions on the Consolidated Balance Sheet. The Group may be obliged to settle these commitments at a time when the investment is impaired and therefore the maximum additional loss is the total amount of commitments as disclosed in Note 23.

The Group is exposed to operational risks such as settlement and custody risk. Custody risk is the risk of loss of financial assets and liabilities held in custody occasioned by the insolvency or negligence of the custodian. Settlement risk is the risk that a counterparty does not deliver a security or its value in cash as agreed when the security was traded after the Group has already delivered security or cash as per the trade agreement. Although an appropriate legal framework is in place that reduces the risk of loss of value of the financial assets and liabilities held by the custodian or counterparty, in the event of its failure, any cash balances held by the Group are at risk of being lost and the ability of the Group to transfer securities might be temporarily impaired.

With respect to the privately placed loan agreements the Group is exposed to a wide variety of operational risks specific to such investments. These risks are mitigated by the engagement of industry experts, legal advisors and independent loan servicing agents during the pre-commitment due diligence process and throughout the life of the deal.

The Group invests in readily tradeable equity securities and forward foreign exchange contracts. These investments are generally traded in active secondary markets and the time taken to exit a position and the value received would depend upon factors including the size of the position relative to the total issue size, the daily average traded volume and the prevailing market trends of the period in which the trade is executed. The Group also invests in privately traded equity securities, bank debt and loans. The market for these types of investments is illiquid and secondary market transactions are infrequent. It is more difficult to predict the time and exit price of these type of investments.

The Group’s activities expose it to a variety of financial risks: market risk (including other price risk, interest rate risk and foreign currency risk), credit risk and liquidity risk. In accordance with the Investment Programme, the Investment Manager uses different methods to measure and manage the various types of risk to which the Group's investments are exposed; these methods are explained below.

The Investment Manager conducts regular reviews of the loans and engages with the loan servicer to monitor progress, and may also seek expert third party opinions where required. The Trustees gain assurance from the Investment Manager through the regular review meetings, as well as the collateral assessments that are carried out on an annual basis.

Furthermore, the Group’s policy is to manage price and credit risk through diversification and selection of securities and other financial instruments within specified limits set in the Investment Programme.

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16. FINANCIAL RISK MANAGEMENT – continued

Market Risk

(a) Price risk

The Group is exposed to securities price risk and derivative price risk. This arises from investments held by the Group for which prices in the future are uncertain. Where non-monetary financial instruments such as equity securities are denominated in currencies other than the US dollar, the price initially expressed in foreign currency and then converted into US dollar will also fluctuate because of changes in foreign exchange rates. Paragraph (b) ‘Foreign exchange risk’ sets out how this component of price risk is managed and measured.

The Group’s policy is to manage price risk through diversification and selection of securities and other financial instruments within specified limits set by the directors of the General Partner of CIFF Capital in the Investment Programme. The Investment Programme contains restrictions on overall market exposure (the “Exposure Policy”). The Exposure Policy regarding overall exposure states that market exposure shall not exceed 100% of the Reference NAV.

The use of the term “Reference NAV” within the risk management policies refers to the value of the net assets of the Group. The Investment Programme seeks to manage the Group’s exposure to price risk by analysing the investment portfolio by industrial sector.

The table below is a summary of the sector exposures which are included in the Reference NAV for the purpose of monitoring the investment restrictions.

Sector Industrials Real estate loans Financials Information technology Other	% of Reference NAV
	2024 2023 31 December 31 December
	48.8% 52.1% 22% 19% 16.9% 14.9% 3% 2.9% 7.4% 10.7%
	98.1% 99.6%

The paragraph below summarises the sensitivity of the Group’s equity (the “Equity Investments”) to equity price movements, derived by regressing the daily returns of the Group’s Equity Investments against the daily returns of the MSCI World Equity Index including net dividends reinvested (the “Index”) (Bloomberg ticker “NDDUWI”), and including the effect of movements in foreign currency exchange rates on equity prices, as at 31 December 2024 and 31 December 2023.

The analysis uses the arithmetic mean of the absolute one year moves of the Index aligned with the Group’s financial year as an estimate for the reasonably possible annual move in global equity prices. For 31 December 2024 this is 10.94% (2023: 11.53%). This represents the best estimate of a reasonable possible shift in the Index over a period of one year, having regard to the historical volatility of the index. As at 31 December 2024, the exposure of the Group to Equity Investments was US$4,545,998k (2023: US$4,623,541k).

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16. FINANCIAL RISK MANAGEMENT – continued

In 2024, the beta of the Group's Equity Investments against movements in the Index was 0.56 (2023: 0.70). The figures below give an estimation of a reasonable possible change in the fair value of the Group's Equity Investments over the period of one year, using the beta value stated above.

Predicted effect on the Group's Equity Investments of an increase in the index Predicted effect on the Group's Equity Investments of a decrease in the index	2024 2023 US$ '000 US$ '000
	277,960 372,450 (277,960) (372,450)

The Index has been used as the reference point in determining the effect of price risk only. The Investment Manager does not manage the Group’s investment strategy to track this index or any other index or external benchmark. The sensitivity analysis presented is based upon the Equity Investments composition as at 31 December 2024 and 31 December 2023 and the historical correlation of the returns from the securities comprising the Equity Investments to the Index returns. The composition of the Group’s Equity Investments, and the correlation thereof to the Index, is expected to change over time. The sensitivity analysis prepared as at 31 December 2024 and 31 December 2023 is not necessarily indicative of the effect on the Group’s investments of future movements in the level of the Index.

(b) Foreign currency risk

The Group operates internationally and holds both monetary and non-monetary assets denominated in currencies other than its functional currency, the US dollar. Foreign currency risk as defined, arises as the value of future transactions, recognised monetary assets and monetary liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates. The table below shows the concentration of assets and liabilities denominated in currencies other than the US dollar at 31 December 2024 and 31 December 2023 and has been analysed between monetary and non-monetary items. It also shows the increase/(decrease) in net assets arising from an increase/(decrease) of the exchange rate in line with the 260 day historical volatility rates, with all other variables held constant and presented in their absolute values.

31 December 2024 Currency Canadian Dollar Chinese Remnibi Ethiopian Birr Euro Indian Rupee Kenyan Shilling Pound Sterling Swiss Franc Poland Zloty	Monetary US$ '000 Non Monetary US$ '000 Currency forward US$ '000 Net exposure US$ '000 Change in net assets US$ '000
	494 - 63 381,485 2,017 173 11,931 332 - 323,804 - - 2,283,659 - - - - - (340,489) - - (1,552,393) - - (206,213) (11,798) (41,859) (16,191) - 63 1,112,751 2,017 173 (194,282) (11,466) (41,859) (766) - 22 65,875 31 13 (12,065) (811) (3,767)

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16. FINANCIAL RISK MANAGEMENT – continued

31 December 2023 Currency Canadian Dollar Chinese Remnibi Ethiopian Birr Euro Indian Rupee Kenyan Shilling Pound Sterling Swiss Franc Poland Zloty	Monetary US$ '000 Non Monetary US$ '000 Currency forward US$ '000 Net exposure US$ '000 Change in net assets US$ '000
	589 - 74 252,786 1,112 494 3,528 358 - 748,016 - - 2,111,196 - - - - - (567,015) (5,902) - (1,413,649) - - (224,281) (20,994) (57,912) 181,590 (5,902) 74 950,333 1,112 494 (220,753) (20,636) (57,912) 11,168 (306) 2 71,750 35 11 (18,278) (1,626) (6,347)

The objective of the Group’s currency risk management policy is to allow the Group to retain its purchasing power and minimise the risk that its purchasing power is reduced as a result of foreign exchange rate fluctuations. The investment process focuses on fundamental and systematic factors. The Investment Manager monitors the currency risk on an ongoing basis and reports to the Finance, Audit and Investment Committee on a quarterly basis.

(c) Interest rate risk

The Group holds liquid, interest-bearing assets and liabilities such as cash and brokerage accounts, where changes in interest rates would change the amount of interest received or paid in relation to these balances.

The Group’s investments in loans are carried at fair value. In determining fair value, the Group uses discounted cash flow techniques and recognises income at a rate based upon the effective interest rate of all expected cash flows over the life of the loan. For all loan investments, the discount rate used in the fair valuation model is calibrated against movements in market interest rates and changes in credit quality of the borrower.

The following table summarises the Group's exposure to interest rates. It includes the Groups asset and liabilities, categorised by the earlier of contractual re-pricing and maturity dates. The sensitivity analysis presented is based upon the composition of the Group's asset and liabilities at 31 December 2024 and 31 December 2023 and is not necessarily indicative of the effect on the Group's asset and liabilities of future movement in interest rates.

				Non-	Non-
	< 3 months	3 months	> 1	interest rate	interest
31 December 2024	US$ '000	- 1 year US$ '000	year US$ '000	sensitive US$ '000	bearing US$ '000	Total US$ '000
Cash at bank and in hand	55,367	-	-	-	-	55,367
Cash pledged as collateral	32,068	-	-	-	-	32,068
Investment assets/(liabilities)	-	405,549	-	759,507	4,976,930	6,141,986
				Non-	Non-
	< 3 months	3 months	> 1	interest rate	interest
31 December 2023	US$ '000	- 1 year US$ '000	year US$ '000	sensitive US$ '000	bearing US$ '000	Total US$ '000
Cash at bank and in hand	96,896	-	-	-	-	96,896
Cash pledged as collateral	34,719	-	-	-	-	34,719
Investment assets/(liabilities)	-	-	259,426	762,919	4,867,642	5,889,987

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16. FINANCIAL RISK MANAGEMENT – continued

Credit risk

The Group is exposed to credit risk, which is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group is also exposed to concentration risk and reviews the credit concentration of debt securities held based on counterparties and industries.

The Group's approach to managing credit risk recognises that there is a risk of adverse financial impact resulting from fluctuations in credit quality of third parties including default, rating transition and credit spread movements. The Group’s credit risks arise principally through exposures to loans, bank deposits, and derivative counterparties.

All of the loan investments held by the Group are secured against physical assets including real estate and property. The value of the security relating to a loan investment may become equal to or less than the value of the loan that it secures. Accordingly, in the event of a default the Group may incur a loss after all costs relating to obtaining and selling secured assets have been taken into account. Although the Group monitors the value of the secured assets on a periodic basis, as there is no active market for the positions, their risk is managed on an exposure basis, with not more than 55% of the Reference NAV to be drawn under loans classified as Real Estate Debt (as outlined in the Investment Management Agreement). Due to the illiquid nature of such loans and the variety of risks attached including property development and concentration risk, significant losses could arise.

Loans

At 31 December 2024, the Group held investments in loans valued at US$1,165,056k (2023: US$1,022,345k). The key risk relating to each of these loans is the possibility that the borrower will not repay the interest and principal relating to the loan in full. To protect the Group against this possibility of default, security is sought from the borrower over assets worth more than the value of the loan outstanding. This security normally takes the form of prime real estate assets in developed markets. The Group monitors the value of the assets pledged as security by engaging independent experts to provide valuations on the assets on a periodic basis and considers metrics such as loan-to-value or loan-to-commitment ratio.

Through the assets against which the loans are secured, the Group has an indirect exposure to reductions in asset valuations as a result of a market crash or other tail events. This may result in the amount lent under a loan being greater than the value of the secured assets and increase the probability of the loans going into default.

The Group is also protected by covenants built into its loan agreements which require immediate repayment in the event that the borrower breaches certain covenants. These are agreed on a loan-by-loan basis at the origination of each deal and may include metrics such as loan-to-value ratio, interest cover and other performance based metrics. As of 31 December 2024, the borrowers under a privately placed loan investment held by a CIFF subsidiary was in breach of its loan covenants (2023: one loan). The subsidiary has reserved its rights against the borrower with regard to the breaches, and has chosen not to accelerate the loan but will continue to work with the borrower in order to allow for the ongoing sale of residential units and the resulting pay-down of the loan.

There is an outstanding claim to the guarantors associated with a loan previously held in 86th Street, which if successful will result in a distribution of $14m (2023: $14m) to the Group. The inflow of economic benefits is probable, but not certain due to the uncertainty of the timing and amounts of the expected cash flows, therefore has been disclosed as a contingent asset.

The Group also seeks to obtain certain guarantees from credit worthy affiliates of the borrower. Guarantees for ‘completion’, ‘carry’ and ‘recourse obligations’ guarantee (i) the lien-free completion of the relevant project (or the payment of an equivalent amount to the lender to allow it to complete), (ii) the payment of carry costs until the earlier of loan repayment and completion (including interest and costs) and (iii) any losses incurred by the lender as a result of specified acts of the borrower or related parties. The relevant guarantors are usually required to satisfy a minimum net worth and liquidity covenant.

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16. FINANCIAL RISK MANAGEMENT – continued

Counterparty credit risk

The Group is also exposed to counterparty credit risk through the trading of derivative products, cash and cash equivalents, cash pledged as collateral, amounts due from brokers and other receivable balances. One element of counterparty credit risk is the monitoring of the credit ratings of parties where all material amounts due from brokers, cash and short-term deposits are held by parties with a credit rating A1/A.

The analysis below summarises the Group’s exposure by counterparty credit rating at 31 December 2024:

HSBC Bank Plc JP Morgan Chase UBS AG ABSA Group Limited Citco Bank Nederland NV Awash Bank Counterparty	(Moody's) Credit ratng at 31 December 2024 (S&P)	89,748 1.43% 6,283 0.10% 252 <0.01% 173 <0.01% 1,202 <0.01% 68 <0.01% US$ ‘000 Credit exposure 31 December 2024 % of Assets
	A1 A+ Aa2 AA- Aa2 A+ Ba2 N/A N/A N/A N/A N/A
		97,726 1.55%

The analysis below summarises the Group’s exposure by counterparty credit rating at 31 December 2023:

HSBC Bank Plc JP Morgan Chase UBS AG ABSA Group Limited Citco Bank Nederland NV Awash Bank Counterparty	(Moody's) Credit ratng at 31 December 2023 (S&P)	124,964 2.06% 22,206 0.37% 240 <0.01% 494 0.01% 258 <0.01% 74 <0.01% US$ ‘000 Credit exposure 31 December 2023 % of Assets
	A1 A+ Aa2 A+ Aa2 A+ Ba3 N/A N/A N/A N/A N/A
		148,236 2.44%

Credit risk is also managed by a policy contained in the Investment Programme to maintain exposures to any one counterparty to less than 15% of its Reference NAV.

In the event of any breach of the above restrictions not remedied within 3 business days of the date of such breach, the Foundation management shall in their sole discretion determine the action and will seek to achieve, where practicable, a rectification of the breach within a reasonable timeframe and/or a commercial economic advantage.

In addition, the Group also restricts its exposure to credit losses on the trading derivative instruments it holds by including netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. These netting provisions do not result in an offset on the Consolidated Balance Sheet, as transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by netting to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis.

The Group’s overall exposure to credit risk on derivative instruments subject to a netting arrangement can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

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16. FINANCIAL RISK MANAGEMENT – continued

All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the counterparty has received payment. Payment is made on a purchase once the securities have been received by the Group. The trade will fail if either party fails to meet its obligation.

The Group has appointed HSBC Bank plc (“HSBC”) as custodian and prime broker and provider of other services (including financing) under the terms of the HSBC Prime Custody Agreement. HSBC will act as banker, custodian and prime broker of the cash and securities delivered to HSBC and will be responsible for receipt and disbursement of cash on behalf of the Group, for the receipt and safe custody and registration of securities of the Group and for the transfer of securities for the Group. The Group has both a custody and collateral account with HSBC. HSBC will also provide financing and securities lending to the Group pursuant to the HSBC Prime Custody Agreement. The collateral required to support any financing, securities lending or other exposure of HSBC to the Group will be held in the collateral account with HSBC in the name of the Group. At 31 December 2024, 100% (2023: 99%) of cash and cash pledged as collateral and investments were placed in custody with HSBC.

The Group has also appointed UBS as a prime broker and custodian. The prime brokerage agreement with UBS AG states that the counterparty has the right to utilise, re-hypothecate or otherwise appropriate the Group’s assets subject to a limit equal to 100% of the indebtedness of the Group to the counterparty. The agreement also includes a net settlement provision in the event of an end to the prime brokerage agreement.

The Group has a global custody agreement with JP Morgan which gives JP Morgan a lien over and right of set-off against the assets held by it for the Group.

Liquidity risk

Liquidity risk is the risk that the Group may be unable to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. The Group is exposed to the daily settlement of margin calls on derivatives, settlement of funding requests on loans with an unfunded commitment (see Note 2(f) accounting policy on “Unfunded Commitments” for further details).

The Investment Manager monitors the Group’s liquidity position on a daily basis, and in accordance with agreed risk framework reports to the Group on a monthly basis. The liquidity report has been designed to confirm that the Group has sufficient resources to cover projected outflows in a stress scenario given preset liquidity haircuts for each asset class.

As part of the management of liquidity risk, the Investment Programme prescribes a limit to the amount of unfunded commitments as a certain percentage of its Reference NAV.

The Group's main sources of liquidity are listed equity securities, actively traded corporate debt and cash deposits. The asset class investment restrictions ensure a proportion of the Group's assets are invested in these types of assets, which can be readily disposed.

The Group may also invest in derivative contracts that are traded over-the-counter, debt securities and unlisted equity investments that are not traded in an active market. As a result, the Group may not be able to quickly liquidate these investments at an amount close to their fair value to meet its liquidity requirements, or be able to respond to specific events such as deterioration in the creditworthiness of any particular issuer.

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16. FINANCIAL RISK MANAGEMENT – continued

The below tables analyse the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the Balance Sheet date to the maturity date.

Group 31 December 2023 Creditors: amounts falling due within one year Creditors: amounts falling due in more than one year Total liabilities Group 31 December 2024 Creditors: amounts falling due within one year Creditors: amounts falling due in more than one year Total liabilities	194,218 1,980 44,821 - - 241,019 Less than 1 month US$ '000 1 to 3 months US$ '000 3 months to 1 year US$ '000 1 to 5 years US$ '000 More than 5 years US$ '000 Total US$ ‘000
	- - - 10,205 - 10,205
	156,839 31,686 75,206 - - 263,731 Less than 1 month US$ '000 1 to 3 months US$ '000 3 months to 1 year US$ '000 1 to 5 years US$ '000 More than 5 years US$ '000 Total US$ ‘000 194,218 1,980 44,821 10,205 - 251,224
	- - - 78,985 - 78,985
	156,839 31,686 75,206 78,985 - 342,716

Uncertain liabilities, which are not recognised on the Balance Sheet, are not included in the table above for the purpose of analysing the Foundation liquidity risk.

Unfunded commitments

As disclosed in Note 14, the Group has invested in loans and securities which incorporate an unfunded commitment that it may be obliged to pay at a future date. The likelihood that these commitments are paid by the Group is unknown at the balance sheet date. The total unfunded commitments as at 31 December 2024 have been estimated as US$504,225k (2023: US$564,215k).

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17. DEBTORS

Dividends receivable Amounts due from brokers Other debtors Prepayments Total	Group 31 Dec 2024 US$ ‘000 Group 31 Dec 2023 US$ ‘000 Foundation 31 Dec 2024 US$ ‘000 Foundation 31 Dec 2023 US$ ‘000
	1,428 956 - - 11,256 16,621 - - 6,240 8,482 620 656 872 1,235 911 838
	19,796 27,294 1,531 1,494

The amounts due from brokers includes cash from forward foreign exchange contracts closed but awaiting settlement, cash from trades sold but which have not yet settled and interest receivable.

18. CASH AT BANK AND IN HAND

Cash at bank includes amounts due from the Group’s custodian and other counterparties, on demand and interest bearing deposits with original maturities of less than 3 months.

Cash pledged as collateral includes collateral balances held at year end with the Group’s custodian and prime broker and other counterparties. The use of these amounts is restricted based upon the Group's contractual margin exposures at the year end date.

The total of cash at bank and cash pledged as collateral is shown on the face of the Consolidated Balance Sheet and the movement reflected within the Consolidated Cash Flow Statement.

The following table shows the breakdown of the amounts with custodians and other counterparties as at 31 December 2024:

	Cash and cash	Cash pledged	Cash at bank	Amounts due	Amounts due	Net counterparty
	equivalents	as collateral	and in hand	from brokers	to brokers	position
	31 Dec 2024	31 Dec 2024	31 Dec 2024	31 Dec 2024	31 Dec 2024	31 Dec 2024
Group	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000
Custodian and
prime broker
HSBC Bank Plc	47,389	32,068	79,457	11,256	(965)	89,748
Other counterparties
JP Morgan Chase	6,283	-	6,283	-	-	6,283
UBS AG	252	-	252	-	-	252
ABSA Group Limited	173	-	173	-	-	173
Citco Bank Nederland NV	1,202	-	1,202	-	-	1,202
Awash	68	-	68	-	-	68
Total	55,367	32,068	87,435	11,256	(965)	97,726

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18. CASH AT BANK AND IN HAND - continued

The following table shows the breakdown of the amounts with custodians and other counterparties as at 31 December 2023:

Group Custodian and prime broker HSBC Bank Plc Other counterparties JP Morgan Chase UBS AG ABSA Group Limited Citco Bank Nederland NV Awash Total	Cash at bank and in hand 31 Dec 2023 US$ ‘000 Cash pledged as collateral 31 Dec 2023 US$ ‘000 Cash and cash equivalents 31 Dec 2023 US$ ‘000 Amounts due from brokers 31 Dec 2023 US$ ‘000 Amounts due to brokers 31 Dec 2023 US$ ‘000 Net counterparty position 31 Dec 2023 US$ ‘000
	73,624 34,719 108,343 16,621 - 124,964 22,206 - 22,206 - - 22,206 240 - 240 - - 240 494 - 494 - - 494 258 - 258 - - 258 74 - 74 - - 74
	96,896 34,719 131,615 16,621 - 148,236

The following table shows the breakdown of the cash and cash equivalents of the Foundation held with counterparties as at year end:

HSBC Bank plc JP Morgan Chase ABSA Bank Awash Bank Foundation	Cash and cash equivalents 31 Dec 2024 US$ ‘000 Cash and cash equivalents 31 Dec 2023 US$ ‘000
	55,489 40,062 6,270 22,196 173 494 63 68
	61,995 62,820

19. CREDITORS: amounts falling due within one year

Amounts due to brokers Grants Creditors Loan Collateral Intercompany Creditors Derivative fnancial instrument liabilities Accruals and deferred income Taxes and social security costs	Group 31 Dec 2024 US$ ‘000 Group 31 Dec 2023 US$ ‘000 Foundation 31 Dec 2024 US$ ‘000 Foundation 31 Dec 2023 US$ ‘000
	965 - - - 178,778 149,980 168,694 149,980 2,373 3,946 1,477 944 30,531 31,991 - - - - 218,220 415,995 2 46,834 - - 28,194 30,804 13,182 12,407 176 176 176 176
	241,019 263,731 401,749 579,502

The amounts due to brokers include cash from trades purchased which have not yet settled and cash for forward foreign exchange contracts closed but awaiting settlement.

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20. CREDITORS: amounts falling due after one year

Creditors payable between 1 and 2 years Creditors payable between 2 and 5 years Creditors payable after 5 years	Group 31 Dec 2024 US$ ‘000 Group 31 Dec 2023 US$ ‘000 Foundation 31 Dec 2024 US$ ‘000 Foundation 31 Dec 2023 US$ ‘000
	5,922 78,185 5,800 75,000 4,283 800 4,283 800 - - - -
	10,205 78,985 10,083 75,800

21. MOVEMENT IN FUNDS

Funds were transferred from the Expendable Endowment Fund to the Designated Funds at the year end.

Group	Balance as at	Incoming	Resources	Investment	FX gains/	Exchange difference	Transfer between		Balance as at
	31 Dec 2023	Resources	Expended	gains/(losses)	(losses)	reserve	funds	2	31 Dec 2024
	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000		US$ ‘000
Unrestricted:(1)
Income funds	-	163,101	(594,485)	-	(1,091)	-	432,475		-
Designated funds	984,290	-	-	-	-	-	88,226		1,072,516
Restricted income funds	14,257	58,635	(57,363)	-	-	-	(200)		15,329
Expendable
endowment fund	4,718,948	82,391	-	637,440	-	2,712	(520,501)		4,920,990
Total funds	5,717,495	304,127	(651,848)	637,440	(1,091)	2,712	-		6,008,835
Group	Balance as at	Incoming	Resources	Investment	FX gains/	Exchange difference	Transfer between		Balance as at
	31 Dec 2022	Resources	Expended	gains/(losses)	(losses)	reserve	funds	2	31 Dec 2023
	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000	US$ ‘000		US$ ‘000
Unrestricted:(1)
Income funds	-	165,692	(521,967)	-	832	-	355,443		-
Designated funds	914,321	-	-	-	-	-	69,969		984,290
Restricted income funds	8,227	50,748	(39,357)	-	-	-	(5,361)		14,257
Expendable
endowment fund	4,036,114	82,284	-	1,017,077	-	3,524	(420,051)		4,718,948
Total funds	4,958,662	298,724	(561,324)	1,017,077	832	3,524	-		5,717,495

(1) Reserves retained by subsidiary undertakings and general unrestricted funds are disclosed in total in the tables above and total US$125,802k (2023: US$126,712k).

(2) Transfers between funds relate to transfers from the expendable endowment to meet charitable expenditure and reflect funds earmarked to fund approved multi-year programmes. The Trustees have the power to convert any required amount of this endowment into an income which can then be utilised by the Foundation to further its charitable objects.

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21. MOVEMENT IN FUNDS - continued

Unrestricted Income funds Designated funds Restricted income funds Expendable endowment fund Total funds Unrestricted Income funds Designated funds Restricted income funds Expendable endowment fund Total funds Foundation Foundation	Balance as at 31 Dec 2023 US$ ‘000 Incoming Resources US$ ‘000 Resources Expended US$ ‘000 Investment gains/(losses) US$ ‘000 Transfer between funds US$ '000 FX gains/ (losses) US$ ‘000 Balance as at 31 Dec 2024 US$ ‘000
	- 163,101 (584,018) - (1,864) 422,781 - 984,290 - - - - 88,226 1,072,516 7,174 58,635 (56,220) - - (200) 9,389 4,728,221 - - 709,386 - (510,807) 4,926,800
	5,719,685 221,736 (640,238) 709,386 (1,864) - 6,008,705
	Balance as at 31 Dec 2022 US$ ‘000 Incoming Resources US$ ‘000 Resources Expended US$ ‘000 Investment gains/(losses) US$ ‘000 Transfer between funds US$ '000 FX gains/ (losses) US$ ‘000 Balance as at 31 Dec 2023 US$ ‘000
	- 165,692 (513,209) - 3,534 343,983 - 914,321 - - - - 69,969 984,290 - 50,748 (38,213) - - (5,361) 7,174 4,045,613 - - 1,091,199 - (408,591) 4,728,221
	4,959,934 216,440 (551,422) 1,091,199 3,534 - 5,719,685

As at 31 December 2024, the Trustees have allocated US$1,072,516k (2023: US$984,290k) of reserves as designated funds which represents funds that may be called upon to be disbursed to multi-year programmes.

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

The table below presents the allocation of the group balance sheet across the three different categories of funds. For further details of the funds, refer to page 41.

Intangible assets Tangible assets Investments Other assets Liabilities	Expendable Endowment US$ ‘000 Restricted Funds US$ ‘000 Unrestricted Funds- Designated US$ ‘000 Total 31 Dec 2024 US$ ‘000 Total 31 Dec 2023 US$ ‘000
	- 4,414 - 4,414 3,450 - 502 5,926 6,428 7,865 4,726,560 1,405,823 9,603 6,141,986 5,889,987 43,705 63,526 - 107,231 158,909 150,725 (401,749) (200) (251,224) (342,716)
	4,920,990 1,072,516 15,329 6,008,835 5,717,495

Page 86

23. COMMITMENTS

At 31 December 2024, the Group had outstanding commitments of US$18,308k (2023: US$22,098k) in relation to the unquoted investments held within the investment portfolio.

The Group has also invested in loans and investment funds which incorporate an uncertain commitment that it may be obliged to pay at a future date. The likelihood that these commitments are paid by the Group is unknown at the balance sheet date. The total uncertain commitments as at 31 December 2024 have been estimated as US$504,225k (2023: US$564,215k).

The investment commitments are funded by the Foundation and are spread out over the life of the investments.

24. OPERATING LEASES

The total rent charged as an expense in the SOFA, is disclosed below:

Rent	Group Year ended 31 Dec 2024 US$ ‘000 Group Year ended 31 Dec 2023 US$ ‘000 Foundation Year ended 31 Dec 2024 US$ ‘000 Foundation Year ended 31 Dec 2023 US$ ‘000
	1,700 1,634 1,694 1,628

The Group had commitments to future minimum lease payments under non cancellable operating leases at the year end as follows:

Land and Building Less than one year Between one and fve years More than fve years	Group Year ended 31 Dec 2024 US$ '000 Group Year ended 31 Dec 2023 US$ '000 Foundation Year ended 31 Dec 2024 US$ ‘000 Foundation Year ended 31 Dec 2023 US$ '000
	1,355 1,322 1,349 1,316 1,711 2,181 1,711 2,181 - - - -
	3,066 3,503 3,060 3,497

Includes a commitment under an operating lease with TCI Fund Management (UK) Limited to pay rentals during the period following the period of these accounts of US$712k (2023: US$692k) and US$1,127k between one and five years following the period of these accounts (2023: US$1,787k).

The total rental income included within the SOFA, is disclosed below:

	Group	Group	Foundation	Foundation
	Year ended	Year ended	Year ended	Year ended
	31 Dec 2024	31 Dec 2023	31 Dec 2024	31 Dec 2023
	US$ '000	US$ '000	US$ ‘000	US$ '000
Rental income	4,428	4,171	-	-
The Group is a lessor of UK investment property.
The total non-cancellable future minimum lease payments expected to be received are:
	Group	Group	Foundation	Foundation
	Year ended	Year ended	Year ended	Year ended
	31 Dec 2024	31 Dec 2023	31 Dec 2024	31 Dec 2023
	US$ '000	US$ '000	US$ ‘000	US$ '000
Less than one year	4,405	4,333	-	-
Between one and fve years	18,065	17,768	-	-
More than fve years	30,389	34,742	-	-
	52,859	56,843	-	-

The Group holds 98% of the freehold of a property in Chiswick, UK. The freehold acquired is leased to a third party. The lease commenced on 1 July 2008 with a lease term of 25 years and is due to expire on 30 June 2033. It includes a provision for an annual rent review every 13th of July. The rent concession period has ended on 13 May 2024 and there should be no change to rental income terms after this date.

Page 87

25. RELATED PARTIES

Investment Manager

TCI Fund Management Limited ("TCI FM") acts as investment manager to certain members of the Group. TCI FM, and its various group entities, are ultimately controlled by Sir Christopher Hohn, a member and trustee of CIFF.

TCI FM is not entitled to any fee for these investment management services. Further, TCI FM, for itself and on behalf of Sir Christopher Hohn and other parties related to TCI FM and Sir Christopher Hohn, unilaterally waived the right to receive any kind of benefit (whether financial or non-financial but in each case having a monetary value) in respect of the provision of investment management services to CIFF Capital UK LP, which acts as the new main investment holding company of the CIFF Group.

In 2023, the Group invested in a private investment partnership (“PIP”) and has appointed TCI Fund Management Limited as its investment manager. The Investment Manager does not charge a management fee to the Group for its services to the PIP. Any carry payable by the Group in connection with its investment in the PIP will be payable to an affiliate of AVE Capital Limited (see Note 26 'Intermediary' below). As at 31 December 2024, the Group’s share in PIP is fair valued at US$197,971k (31 December 2023 : US$107,045k) and disclosed in Note 14 as ‘Investment funds’.

During 2024, an amount of US$852k (2023: US$953k) was charged to entities within the Group from TCI FM, in relation to expenses incurred by TCI FM on behalf of the CIFF Group investment portfolio, mainly consisting of research fees incurred by TCI FM for the benefit of CIFF with third parties, no amounts remained payable as at 31 December 2024 (2023: US$nil).

Furthermore, for the year ended 31 December 2024 CIFF was also charged US$993k (2023: US$996k) by TCI's holding company, TCI Fund Management (UK) Limited, in respect of rent and associated property costs, of which US$993k remained payable as at 31 December 2024 (2023: US$502k).

Donations

During 2024, TCI FM made restricted donations of US$56,077k (2023: US$45,387k) to support the charitable activities of the Foundation. As at 31 December 2024, TCI FM had committed additional restricted funding of US$306,622k (2023: US$34,961k) to be paid in future years. TCI FM also made unrestricted donations of US$160m (2023: $160m) during 2024, and have agreed to donate US$320m unrestricted funding to be paid over the course of 2025 and 2026.

Sir Christopher Hohn is also the founder and trustee of the CH Foundation (UK) which during 2024 made restricted donations to the Foundation of US$2,456k (2023: US$2,344k). As at 31 December 2024, the CH Foundation (UK) had committed additional restricted funding of US$1,456k (2023: US$3,912k) to be paid in future years.

During 2024, Aurora Forealis (a foundation controlled by Marko Lehtimaki and Sir Christopher Hohn, both members and trustees of CIFF) made restricted donations of US$102k (2023: US$nil) to support the charitable activities of the Foundation.

The remuneration of the Key Management Personnel is set out in Note 10.

Subsidiary director fees

During the year, directors' fees of US$11k (2023: US$15k) for Jackie Gilroy were charged to Talos, and fees of US$143k (2023: US$167k) for Sonia Gogna, William Gourlay, Jonathan Watts and Tristan van der Vijver were charged to CIFF GP. No other directors of CIFF subsidiaries were entitled to fees.

Common trustees

In the normal course of charitable granting, there can be instances where the grants to charities that have trustees in common with the Foundation. The Foundation does not disclose grants to these charities as related party transactions, as the trustees are part of a collective of non-related trustees and are not considered to be in a significant position of influence. The Trustees are satisfied that appropriate procedures are in place to ensure that any potential conflicts of interest are appropriately managed and avoided.

Other transactions with Group companies

The Foundation has taken advantage of the exemption contained in FRS 102, paragraph 33.1A, not to disclose other transactions with group companies as all are wholly owned subsidiaries of the Foundation and the consolidated financial statements are publicly available. Copies can be requested from the company secretary.

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26. SERVICE PROVIDERS

Administrator

Group entities have entered into administration agreements with the Administrator, Citco Fund Services (Ireland) Limited. The Administrator receives from Group entities a monthly administration fee which is calculated as a percentage of Adjusted Assets on a sliding scale. The total administration fee for the year was US$2,026k (2023: US$1,953k), of which US$171k (2023: US$196k) was payable at year end.

Custodian and Prime Broker

The Group has a custody agreement with HSBC. The Group retains beneficial ownership of assets held by HSBC. Cash and securities deposited with HSBC are repayable on demand. In addition, the Group’s cash held with HSBC will be segregated from HSBC’s own cash. HSBC is not permitted to utilise, re-hypothecate or otherwise appropriate the assets of the Group, however HSBC will acquire a security interest in any assets that are provided as collateral to HSBC by the Group.

The Group has also appointed UBS as a prime broker and custodian. The prime brokerage agreement with UBS AG states that the counterparty has the right to utilise, re-hypothecate or otherwise appropriate the Group’s assets subject to a limit equal to 100% of the indebtedness of the Group to the counterparty. The agreement also includes a net settlement provision in the event of an end to the prime brokerage agreement.

The Group has a global custody agreement with JP Morgan which gives JP Morgan a lien over and right of set-off against the assets held by it for the Group.

Intermediary

AVE Capital Limited (AVE) is engaged to provide intermediary services in relation to bringing together CIFF Capital and other CIFF subsidiaries, as the lending party, with third parties, as the borrowing parties, in potential real estate debt transactions pursuant to the terms of an intermediary services agreement signed in October 2020. None of TCI FM, Christopher Hohn or any other parties related to them have any financial interest in AVE. Group entities pay fees to AVE Capital Limited in relation to the intermediary services (the Intermediation Fee). The total Intermediation Fee charged to the SOFA for the year was US$5,412k (2023: US$3,001k), with US$23,610k payable as at 31 December 2024 (2023: US$21,530k).

Investment Manager

TCI FM is not paid any fee for investment management services to CIFF. Further, TCI FM, for itself and on behalf of Sir Christopher Hohn and other parties related to the Investment Manager and Sir Christopher Hohn, unilaterally waived the right to receive any kind of benefit (whether financial or non-financial but in each case having a monetary value) in respect of the provision of investment management services to CIFF.

27. POST BALANCE SHEET EVENTS

In March 2025, the Foundation received US$320,000k in unrestricted funding and US$120,943k in restricted funding from TCI FM relating to prior year commitments as disclosed in Note 25.

28. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The ultimate parent undertaking and controlling party is The Children's Investment Fund Foundation (UK), a charitable company limited by guarantee (without a share capital) incorporated in England and Wales. Pursuant to article 7 of the Foundation's Articles of Association, every member promises that if the charitable company is dissolved while he, she or it remains a member or within 12 months afterwards, to pay up to one pound sterling towards the costs of dissolution and the liabilities incurred by the charitable company while the contributor was a member.

The Foundation is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 1 December 2024. The consolidated financial statements of the Foundation is available from the Company Secretary at 7 Clifford Street, London, W1S 2FT.

29. APPROVAL BY THE TRUSTEES

The financial statements were approved by the Trustees on 22 May 2025.

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THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) GROUP INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024

CONSTITUTION A Company limited by guarantee and an English registered charity governed by its Memorandum and Articles of Association

COMPANY NUMBER	4370006
REGISTERED CHARITY NUMBER	1091043
TRUSTEES	Sir Christopher Hohn
	Mr Ben Goldsmith
	Mr Masroor Siddiqui
	Ms Ana Weichers Marshall
	Dr Marko Lehtmaki
REGISTERED OFFICE	7 Cliford Street
	London
	W1S 2FT
COMPANY SECRETARY	Bradley Duncan
	7 Cliford Street
	London W1S 2FT
	England
BANKERS	HSBC Bank plc
	Level 18
	8 Canada Square
	London
	E14 5HQ
SOLICITORS	Mills & Reeves LLP
	Botanic House
	100 Hills Road
	Cambridge
	CB2 1PH
INDEPENDENT	KPMG
AUDITORS	1 Harbourmaster Place
	Dublin 1
	Ireland
INVESTMENT MANAGER	TCI Fund Management Limited 7 Cliford Street
	London W1S 2FT
	England

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CHILDREN'S INVESTMENT FUND FOUNDATION